Irish Life sets notice period for withdrawals from €500m property fund

Irish Life said: "Our long-term property outlook is favourable and unchanged. We continue to see property as an important part of people’s pension and investment portfolios."

Analysts have been keeping a close eye on commercial property markets after central banks started to hike interest rates aggressively last year. File picture

Irish Life will stop investors for a temporary period from taking money out from a €500m commercial property fund, a sign that global interest rate increases are weighing on the commercial property market. 

The company said it has imposed a notice period of six months after investors increased withdrawals in recent times from its Irish Property Fund, which Irish Life manages on behalf of its clients.