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M&G, which recently split from its parent Prudential, has temporarily suspended dealings in its property portfolio. It said Brexit-related political uncertainty and structural shifts in the UK retail sector had made it difficult to sell commercial property to meet demand from investors to have their cash returned.
M&G’s top holdings at the end of October 2019 were:
1. New Square, Bedfont Lakes office park – 7.09% of the fund
Office development in Heathrow
2. Wales Designer Outlet, Bridgend – 5.07%
Tenants include Marks & Spencer, Gap and Next
3. Parc Trostre retail park, Llanelli, Wales – 4.5%
Tenants include Marks & Spencer, Debenhams, New Look, Primark, River Island and Next
4. Fremlin Walk shopping centre, Maidstone – 3.47%
Tenants include House of Fraser, Laura Ashley, HMV, Paperchase, River Island, Superdry, Topshop and Zara
5. Iron Mountain distribution warehouse, Belvedere, Kent – 3.41%
6. Riverside retail park, Chelmsford – 3.39%
Tenants include Sports Direct, Matalan, Home Bargains, Poundstretcher, Smyths Toys
7. Aurora, 120 Bothwell Street, Glasgow – 3.21%
Office building
8. The Gracechurch Centre, Sutton Coldfield near Birmingham – 2.82%
Tenants include House of Fraser, New Look, Sports Direct, Topshop, River Island and JD Sports
9. Enterprises House, Uxbridge – 2.47%
UK and European headquarters for Coca-Cola
10. Lindis retail park, Lincoln – 2.42%
Tenants include Sainsbury’s, Matalan, Bargain Buys and Domino’s
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