Since Standard Life, M&A, and Aviva halted withdrawal of investors’ money in past few days as they have been hit by very large numbers of withdrawal requests, three more have joined in. After the referendum, six fund managers halted withdrawal requests bringing the total amount locked to £14.5 billion. These funds are mainly committed to commercial investments.

Three new joiners are Henderson Global which halted withdrawal in its £3.9 billion UK property fund that owns buildings including headquarters of the private bank Coutts on the Strand in London. Columbia Threadneedle is another one to suspend withdrawal in its £1.4 billion UK property fund. Canada life is relatively small one that prevented withdrawal in its £222 million funds. The funds will continue t pay out incomes but not sure at this point when will they be able to return the capital.

These actions unlikely to calm the situation but create a jitter that will hit the broader market and may lead to a severe downturn in UK Real Estate market. Major outflows likely to lead to liquidity mismatch and funds looking to sell properties. Investors and retailers all are more likely to wait out until the uncertainties clear, which means there could be less construction and less work. Real Estate is of key importance to UK economy as it employs close to 3 million people.

Bank of England (BoE) on Tuesday has already warned about the liquidity mismatch in the sector as REIT provide investors instantaneous withdrawal option that doesn’t match with the longer time required to sell an asset.