UK property fund bans cash withdrawals

A £2bn (€2.7bn) property fund run by one of the UK’s biggest investment firms said today that a rush to withdraw money had forced it to impose restrictions on other investors looking to take their money out.

Aegon UK said 129,000 investors will not be able to access their money for up to a year because of “significant” withdrawals brought on by a slump in the property market.