The property giant suspended dealing in the £2.5bn M&G Property Portfolio and its feeder fund last month following unusually high outflows and customer redemptions at a time of Brexit uncertainty and retail downturn.

Given it only held 5% in cash at the end of October, it was difficult for M&G to sell commercial property (held for the long-term and which takes time to buy and sell) in response to requests.

In an update, M&G said the suspension remains “until further notice” but will be reviewed on a monthly basis.

It added that the priority for fund managers Fiona Rowley and Justin Upton is to raise cash levels “in a controlled manner” while protecting the interests of investors.

Since November, £70.4m of assets have been exchanged or completed and a further £67.1m is under offer or sitting with solicitors.

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As at 30 November, funds under management remain at £2.5bn but its cash position has reduced to 4.8%.

M&G said the fund is still being actively managed and once cash levels have been restored, the fund’s Authorised Corporate Director (ACD) will re-open the fund for dealing.

During the suspension investors will receive a 30% discount on the fund’s annual charge and will continue to receive income payments, share price information and financial statements.