Three more property funds titans freeze redemptions

"Over half of the property fund sector is now on ice, and will remain so until managers raise enough cash to meet redemptions," said Hargreaves Lansdown senior analyst Laith Khalaf.

"To do that they need to sell properties, and as any homeowner knows, that is not a quick or painless procedure," Khalaf said.

Henderson Global, wholly owned by Henderson Group, cited exceptional liquidity pressures on the funds due to uncertainty in the wake of the EU Referendum, and the recent suspension of other direct property funds.

Khalaf said the six frozen funds were likely to be closed for weeks and months rather than a matter of days. "Clearly there has been a knee-jerk reaction to Brexit in the commercial property sector, which may moderate over time," he added.

At 1654 BST, shares in Henderson Group were down 1.15% to 197.6p, while Standard Life was lower 3.5% to 262.1p and Aviva had fallen 6.15% to 352.5p.