Last property fund reopens

M&G Property Portfolio is to become the final fund to lift its trading suspension.

For the first time since shutting its doors after the EU referendum, investors will be able to pay into or withdraw money from the M&G fund from November 4.

Some £14.5bn of savers’ money was locked into property funds as uncertainty raised fears that there would be a run on the cash.

Savers had pulled £1.5bn out of the funds in June in the lead up to the referendum, and a further £790m in July. But they have finally begun to trade normally again in recent weeks as the uncertainty has eased.

The M&G Property Portfolio fund has sold, exchanged or placed under offer 58 properties worth £718m since July. William Nott, chief executive at M&G Securities, said: ‘Suspending the fund wasn’t a decision we took lightly but we felt it was the only way to protect investors’ interests.’

The M&G fund is up 3.4pc over three months, but has lost 6.6pc over one year.