Investors have been blocked from withdrawing their cash since 4 December when the fund was suspended due to high levels of withdrawal requests by investors at a time of Brexit uncertainty and structural shifts in the UK retail sector.

In an update today (25 February), M&G said it can “best protect the interests of its investors by continuing the temporary suspension in dealing in its shares”.

It said the managers were “making good progress in raising cash to rebuild liquidity to meet redemptions when it reopens”.

Since the fund’s suspension, the managers have completed on the sale of £70.1m of assets and a further £245.1m are either under offer or in solicitors’ hands.

Tony Brown, global head of M&G Real Estate, said: “We are making good headway in a more liquid market than last year and every effort is being made to ensure we can reopen as soon as possible – we appreciate your patience in this matter.”

M&G confirmed it will continue to waive 30% of the fund’s annual charge “in recognition of the inconvenience caused to our clients and customers”.