Aviva Life & Pensions Ireland moved on Friday to stop investors in two Irish commercial property funds withdrawing money for up to six months after dealing with a rise in demand in recent months from investor seeking their money back. “Due to recent net outflows from the Aviva Irish Property Fund and the Friends First Irish Commercial Property Fund, we have taken the decision to close both funds to all outgoing transactions, including surrenders, and switches,” Aviva said in a statement, adding that both funds are open to new business. “However, as with all property funds it is prudent for us to reserve the right to do so,” the company said. The Friends First Irish Commercial Property Fund “is performing well”, it said. London-based M&G Investments was forced last month to stop investors withdrawing money from its flagship property fund, with investors said to have been concerned by its high retail exposure.

Source: The Irish Times January 31, 2020 13:18 UTC