M&G eyes Q2 reopening date for suspended property fund

Cash level has risen to 25.3%

M&G hopes to reopen the long-suspended M&G Property Portfolio before the end of the second quarter, according to its latest suspension update.

Extending the suspension to enable "raising cash levels to protect the interests of all our investors", the managers have sold a further two assets since its February update. Suspended property funds collect £40m in management fees over 2020 Totalling £97.7m, these sales push the fund's current cash level to 25.3%, with a further £329m of asset sales under offer or have exchanged, although there is no guarantee these deals will complete. Despite this, the managers anticipate the cash position reaching a "sufficient level" to be able to announce the fund's reopening "before the end ...