Close Investments has today suspended dealing in its Property Investment Portfolio Plc (ClosePIP).
The firm has also suspended one of its sub-funds, Active Commercial Estates (ACE), in which ClosePIP is a majority shareholder.
The firm says it has taken the decision to temporarily suspend trading due to a high level of redemption requests.
It says it is in the interests of shareholders ClosePIP is not forced to make property sales at lower prices than might usually be the case.
The firm says the suspension will be in place for an initial period of six months, though this may be extended depending on market conditions.
Close Investments is the latest property fund manager to suspend redemptions following a downturn in the UK commercial property market. Other firms to suspend withdrawals include Friends Provident and Norwich Union.
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