M&G, the fund management arm of insurer Prudential, has suspended trading in its £4.4billion pound UK property portfolio and feeder fund, the firm has said.

The fund is the third UK commercial property fund to be suspended this week , following in the wake of Aviva and Standard Life Investments.

"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 midday Irish time on 4 July 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.

The firm said the suspension will give fund managers time to "raise cash levels in a controlled manner" and ensure any asset sales are made at "reasonable values".

Earlier, Aviva suspended trading in its £1.8bn property fund as investors scramble to pull their money out of UK commercial property holdings following the Brexit vote.

Yesterday Standard Life Investments halted dealings in its £2.7bn UK Real Estate fund.

Aviva Investors Property Trust said: "Over recent months we have been experiencing higher than usual volumes of requests to sell units in the trust, and this, coupled with challenging market conditions in light of investor sentiment regarding the EU referendum, has reduced the amount of cash held by the trust.

"As it takes a considerable time to sell properties, we have had to suspend dealing until the amount of cash held in the trust increases."

Investors are now restricted from buying or selling shares in the fund.

Aviva said that it is acting in the interests of all investors, adding that it could not give a timeframe for when the suspension would be lifted.

Laith Khalaf, senior analyst at Hargreaves Lansdown, said the "dominoes are starting to fall" in the UK commercial property market.

He added: "It's probably only a matter of time before we see other funds follow suit. The problem these funds face is that it takes time to sell commercial property to meet withdrawals, and the cash buffers built up by the managers have been eroded by investors heading for the door, both in the run-up to the EU referendum, and in the aftermath."

Mr Khalaf said the moves by investors to pull money out could put "downward pressure" on commercial property prices.

Last week, Singapore's United Overseas Bank said it will halt lending on property purchases in London as uncertainty continues to dog Britain's political and economic landscape.