Insurance and pensions group Irish Life has blocked withdrawals from one of its Irish property funds for the next six months after a recent increase in the number of investors seeking to get their money back.

In a statement, Irish Life said the six month notice period allows time to make any property sales as required to pay future withdrawals in a way that is fair to all of its Irish Property Fund customers.

Irish Life said it will contact customers to tell them about the notice period.

The company manages two large Irish property funds.

The change applies to its Irish Property Fund, which has €0.5 billion of assets under management.

Irish Life also manages the Exempt Property fund, which has €1.7 billion of assets under management and which is not impacted by today's move.

In today's statement, Irish Life said its long term property outlook is favourable and unchanged.

"We continue to see property as an important part of people's pension and investment portfolios," it added.

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Investors in two Aviva Life and Pensions commercial property funds were told in January 2020 that they could not withdraw their money for six months because of recent net outflows.

Aviva Life said at the time that it had a responsibility to treat all policy holders fairly and equitably in such circumstances.