Property

Irish Life blocks withdrawals from €500m property fund as investors rush to exit

The insurance and pensions company said it had limited withdrawals its Irish property fund after a recent spike in requests from investors seeking to get their money back

Irish Life has booked multiple incremental write-downs in the value of its main Irish property fund. Picture: Rollingnews.ie

Irish Life has blocked withdrawals from its €500 million Irish property fund for the next six months following a recent spike in the number of requests by investors seeking to get their money back, the Business Post has learned.

The insurance and pensions company confirmed to this newspaper that it has closed the fund until at least the end of August as it seeks to liquidate some of its property portfolio in order to pay ...