The M&G Property Portfolio is a diversified fund that invests in 178 UK commercial properties across retail, industrial and office sectors. As of 30 June 2016, the fund, which has no borrowings, managed assets of £4.4 billion ($5.7 billion).

M&G said in a statement that “high levels of uncertainty” in the UK commercial property market in the wake of the referendum had driven redemptions to a point where the company needed to protect the interests of the funds’ shareholders by seeking a temporary suspension in trading. M&G will review the suspension every 28 days.

“This will allow the fund manager time to raise cash levels in a controlled manner, ensuring that any asset disposals are achieved at reasonable values,” the company said.

Last week, Singapore-headquartered UOB suspended loans to the London property market. The bank also cited uncertainty about market conditions following the Brexit vote.