M&G extends property suspension as it waives fees on excess cash

Now entering its 14th month of suspension, the managers have sold a further two assets in January, raising the cash level of the fund to 21% from its 4.8% level in December 2019. As a result of this, M&G has announced it will not charge fees on any cash holding in excess of 20% while the fund is in suspension. In addition to the £39.4m of assets sold since 22 December 2020, a further £134.5m are under offer, which would raised the cash position of the fund to 27.5%, if all deals complete. Over the course of 2020, the fund raised £344.4m from the sale of assets. Fiona Rowley, co-...