Bank of Ireland freezes investor withdrawals from €70m European Real Estate Fund

Move comes as bank writes down value of its main property investment fund

Bank of Ireland’s write-downs come amid growing concerns about the European economy as consumers rein in spending. Picture: Artur Widak/NurPhoto

Bank of Ireland has blocked investor withdrawals from a €70 million real estate fund “until further notice”, as commercial property markets continue to correct.

The bank confirmed to the Business Post that it has “gated” all transactions from its European Real Estate Fund, which is operated by its New Ireland subsidiary and was valued at €70 million at the end of last year.

Investors are now restricted from investing, switching out or selling their holding ...