LONDON (Reuters) - Canada Life Ltd said on Wednesday it was suspending its property funds, becoming the sixth firm this week to do so.
Canada Life said it was suspending its Canlife Property and Canlife UK property funds due to the ongoing uncertainty around the pricing of commercial property assets following Britain’s vote to leave the European Union.
The firm also made the decision after a recent increase in requests to withdraw from the funds, it said in a statement.
The funds, which are valued in the region of 450 million pounds ($581.18 million), include the Canada Life Property Pension Fund, Canada life UK Property Life Fund and Canada Life Property Life Fund among others.
Canada Life said that it was suspending its Canlife Property and Canlife UK Property life and pensions funds with effect from 1400 GMT July 5.
The number of British property funds suspended following the country’s vote to leave the EU doubled to six on Wednesday, leaving 15 billion pounds ($19.4 billion) frozen in the biggest seizing up of investment funds since the 2008 financial crisis.
Reporting by Carolyn Cohn; editing by Rachel Armstrong and David Evans