Aviva Investors has suspended dealing on its £1.8bn property fund, becoming the second asset manager to do so in as many days.

Less than 24 hours after Standard Life Investments suspended its own UK real estate portfolio following an increase in outflows in the EU referendum aftermath, Aviva Investors said “extraordinary market circumstances” had affected its UK Property Trust’s ability to meet redemptions.

A spokesperson said: “We have acted to safeguard the interests of all our investors by suspending dealing in the fund with immediate effect.

“Suspension of dealing will give Aviva Investors greater control in managing cashflows and conducting orderly asset sales in order to meet our obligations to investors wishing to redeem their holdings.”

Income payments to existing investors will remain unaffected.

Eyes will now turn to the UK’s other open-ended physical property funds following Aviva and SLI’s moves.

M&G, Aberdeen, Kames and Legal & General have all made “fair value adjustments” to their funds, thereby reducing the value of their portfolios, since the referendum on June 23. All portfolios current remain open for trading.

UK property had already come under pressure in the run-up to the vote. The IA UK Property sector endured a net £500m in outflows in April and May, according to Investment Association statistics.

Those redemptions had seen a spate of funds switching from offer to bid pricing in the run-up to the vote - moves which effectively wiped 5 per cent off returns for investors wishing to redeem.