The London-headquartered investment house is the latest company to lift the suspension on its UK property fund.

M&G Investments will resume trading in the shares of the £4 billion ($4.9 billion) M&G Property Portfolio and its feeder fund from noon on Friday 4 November 2016.

On 5 July, M&G was one of the first UK fund houses to suspend trading after investor redemptions rose markedly due to high levels of uncertainty in the UK commercial property market following the Brexit vote. Others to follow suit included Columbia Threadneedle, Aviva Investors, Standard Life Investments and Aberdeen Asset Management. Aviva Investors is the only one yet to reopen its property portfolio. 

Since putting its portfolio on ice, M&G said it had sold, exchanged or placed under offer 58 properties for a total of £718 million as “confidence returns to the market”. It has also removed the fair value adjustment it applied on 1 July.

After all sales, the M&G Property Portfolio will invest in 119 UK commercial properties across retail, industrial and office sectors on behalf of UK retail investors.

“Suspending the fund wasn’t a decision we took lightly, but we felt it was the only way to protect the interests of investors in what were very unusual circumstances in the aftermath of the referendum,” said William Nott, chief executive of M&G Securities. 

“The fund manager has kept higher quality assets while reducing the exposure to assets deemed riskier than their prime counterparts, putting the portfolio in a good position for any further volatility that may be experienced in the lead up to Brexit.”