M&G, the fund management arm of insurer Prudential, has suspended trading in its 4.4 billion pound ($5.74 billion) UK property portfolio and feeder fund, the firm said on Tuesday.

The fund is the third UK commercial property fund to be suspended this week.

"Investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum," M&G said in a statement.

M&G said orders placed after 1100 GMT on July 4 will not be processed until after the suspension is lifted. The suspension will be reviewed every 28 days, the firm said.

The fund invests in 178 UK commercial properties in retail, industrial and office sectors on behalf of UK retail investors.-Reuters