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M&G sells Retail Park

08.01.20

M&G has confirmed that it will continue the temporary suspension of its £2.5 billion property fund, M&G Property Portfolio, as it sells Retail Park “until further notice”.

M&G announced that the decision was taken by the fund’s authorised corporate director (ACD) in the interest of protecting its investors and that it has informed the Financial Conduct Authority.

M&G is also continuing to dispose assets within the fund, including a retail park in Edmonton. Ravenside Retail Park, which is multi-let to tenants including Argos and Carpetright, sold for £51.4m to an unnamed buyer.

“The immediate priority is to raise cash levels in a controlled manner,” M&G said in the update. “The fund managers and associated teams are working hard to increase the fund’s cash position and since the end of November, they have exchanged or completed on £70.4m of assets and a further £67.2m is either under offer or in solicitors’ hands. Once cash levels have been sufficiently restored, the fund’s ACD will re-open the fund for dealing.”

M&G added that the ACD will report on the status of the suspension on a monthly basis and clients and customers “will be notified in advance” if the fund reopens.

As at 30 November 2019, the fund had £2.5bn of assets under management, with a 4.8% cash position.

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