Investors pull £870m from M&G property fund

Fund is now £1.23bn

Investors in the M&G Property Portfolio have pulled £870m since it reopened on 10 May, with a recent reduction in outflows leaving the investment committee mulling if they should continue with asset sales.

The fund has now shrunk to £1.23bn from £2.1bn when it reopened. Figures from the fund's latest factsheet show its liquidity was at 18.2% as of 21 June, with 16% cash and 2.2% in REITs. The group said in the factsheet that "redemptions have reduced significantly from the elevated levels seen in the first two weeks following resumption of dealing". In addition, the fund managers have been able to sell some of the holdings at attractive prices with one, Heritage House, sold at a yield of 2.17%. The fund had also sold its largest holding, Bedfont Lakes, a South East office and Quantum...