M&G : maintains halt on $3.3 billion property fund

Insurer and asset manager M&G said on Tuesday its 2.5 billion pound ($3.29 billion) property fund will remain suspended as it looks at ways to raise cash to meet redemptions.

M&G said in December it was freezing the M&G Property Portfolio after Brexit uncertainty and a slowdown in the retail sector led to a jump in investor requests to cash out.

M&G said in a statement that there was no change to real estate sold or contracts exchanged since the end of December last year.

(Reporting by Muvija M in Bengaluru; Editing by Saumyadeb Chakrabarty)