The M&G Property Portfolio has extended its gating for a second time this month to allow the vehicle's managers to continue to offload assets to build sufficient liquidity and protect investors' interests.
It was first suspended on 4 December last year, following "unusually high and sustained outflows", which the firm attributed to "Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector".
Since the initial extension on 2 January, the fund's managers "have made good progress", having made "selective disposals" of assets "at market prices".
M&G said the fund has now exchanged or completed on the sale of £70.4m of assets, while a further £172.2 million is "either under offer or in solicitors' hands". The fund's cash position now stands at 4.8%.
M&G CIO Jack Daniels said the firm has been "encouraged by the support of many investors", who "understand our decision to give the managers room and time to complete disposals from the portfolio at fair prices".