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M&G Property Funds - Important information on the suspension of dealings


02/01/2020 - Update: continuation of suspension

M&G is to continue the temporary suspension of dealing in the M&G Property Portfolio and its feeder fund until further notice. The decision has been taken by the Fund’s Authorised Corporate Director (ACD) in the interests of protecting the Fund’s investors with the agreement of the Fund’s Depositary. The Financial Conduct Authority has also been informed.

The immediate priority is to raise cash levels in a controlled manner. The fund managers and associated teams are working hard to increase the Fund’s cash position and since the end of November, they have exchanged or completed on £70.4 million of assets and a further £67.2 million is either under offer or in solicitors’ hands. Once cash levels have been sufficiently restored, the Fund’s ACD will re-open the Fund for dealing.

Naturally, the Fund is still being actively managed and M&G is regularly communicating with clients, customers and other stakeholders. Whilst under continuous review by M&G and the Depositary, the ACD will formally report on the status of the suspension on a monthly basis and clients and customers will be notified in advance of reopening the Fund.

The Fund’s assets under management as at 30 November 2019 is £2.5 billion, with a cash position of 4.8%.

Fund activity update

  • The fund’s retail vacancy rate is below the MSCI IPD Quarterly Universe Index at 3.8% versus 5.1% as of 30 November.
  • Completions since the end of November: Ravenside Retail Park in Edmonton for £51.4 million.
  • Exchanges since the end of November: 20 Kingston Road, Staines for £19 million.

04/12/2019 - Notification of suspension

The following letter was sent to investors in the M&G Property Portfolio and the M&G Feeder of Property Portfolio regarding the suspension of dealings in both funds.

Please be reassured that the suspension of these funds has no effect on any other M&G investments.

We will continue to publish daily prices for these funds so you can value your investment, but no instructions will take place at these prices while the funds are in suspension.

View the letter

Further information on the suspension

Frequently asked questions

The value of the fund's assets will go down as well as up. This will cause the value of your investment to fall as well as rise and you may get back less than you originally invested.
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