The fund was suspended in December 2019 due to high levels of withdrawal requests by investors at a time of Brexit uncertainty and structural shifts in the UK retail sector.

And as the coronavirus pandemic evolved causing fresh market uncertainty, M&G has continued its suspension of the property fund on a month-by-month basis.

It confirmed around £251.1m of assets are under offer for sale, and since its update last month, two assets have exchanged for £38.4m. It has also received 78% of rent for Q4.

M&G added there’s no guarantee transactions will complete, as 57% are in the retail sector and “the time taken to dispose of an individual asset typically remains elongated owing to current market conditions, including the practical challenges associated with buyers undertaking due diligence”, a statement read.

The fund’s current size is £2.1bn with a cash balance of 10%. Since the fund suspension, £197.6m of assets have been sold.

The fund continues to be actively managed and it continues to waive 30% of the annual charge “in recognition of the inconvenience caused to clients and customers”.

The next update on the fund is scheduled for 1 December.