M&G Investments' stricken property fund has suffered "delays to contractual agreements" due to coronavirus-related market uncertainty as the firm continues to attempt to sell assets.
M&G said it had sold a further £4.9m of assets and exchanged a further £39.8m since its February update, taking total assets that have exchanged or are under offer to £296.8m. Assuming all these assets complete, it expected the fund's cash level to increase to 17.8%. The M&G Property Portfolio will remain suspended, with its valuer Knight Frank including a statement of material uncertainty on valuations across the portfolio, following similar news out of other UK property funds. Update: SJP latest to suspend property funds M&G said the re-opening of the fund would "be contingent on...
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