M&G said in recent months, "unusually high and sustained outflows" from the fund have coincided with a period where "continued political uncertainty and ongoing structural shifts in the United Kingdom retail sector have made it hard for us to sell commercial property".
M&G shares have been down by practically 2% after the suspension was introduced.
While investors waded back into certain equity markets like North America (£317m), global (£225m) and Asia ex-Japan (£154m) bonds remained the asset class of choice.
A spokesperson for Aberdeen Standard said its two major property funds, SLI UK Real Estate and Aberdeen UK Property, had cash positions of 15.7% and 12.7% respectively, so there was no immediate need to block withdrawals. The firm has written to investors to explain the current situation.
Funds that fit the bill include: the Threadneedle UK Property Authorised Investment Fund, which has shrunk by 20% so far this year and ranks in the 33rd percentile among peers for 3-year performance; and the Aberdeen UK Property Fund, which ranks in the 7th percentile among peers on a 3-year basis and has shrunk by 33% so far this year. Brian Dennehy, co-founder of independent financial advisers Dennehy Weller, said: "The rush by "the smart money" [eg multi-managers, discretionary mangers, various pension funds] to sell property funds the day after the Brexit referendum wasn't a smart thing to do as it forced prices lower and triggered fund suspensions".
"We could see a wave of suspensions now - several that offer daily redemptions are at risk", he said. "Our prime focus as always is to act in the best interests of investors".
Aviva UK Property is the most-sold fund as investors cashed out almost third of the portfolio.
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"We are in a period of heightened market uncertainty and believe this is an appropriate level given market conditions".
"Without such measures, more United Kingdom commercial real estate funds may have to impose extraordinary liquidity measures, particularly given the backdrop of the Brexit process and the negative outlook for the commercial real estate sector", Fitch said.
United Kingdom equity funds registered another month of outflows though the amount of money pouring out "slowed dramatically", Suter noted.
The fund's efficiency has been weak for a number of years. Fund manager Guy Glover said this move "reflects a cautious, considered approach, which ensures long-term investors are protected".
M&G Investments announced on Wednesday it was suspending dealing on its Property Portfolio and feeder fund thanks to "unusually high and sustained" outflows. In the aftermath of the Brexit referendum in 2016, M&G's fund was shut from July to November, as panicked investors fearing a collapse in values were prevented from withdrawing their cash.
Cash levels in the BMO fund are at around 24%.
"Cash levels are above our longer-term target and we are actively, but carefully, pursuing acquisitions to match the quality of the existing portfolio".