The M&G Property Portfolio is a special fund known as a PAIF, a Property Authorised Investment Fund.

It gives investors exposure to hard assets, property. The fund today has many assets, the top ten investments are:

The Gracechurch Centre in Sutton Coldfield a retail investment
Castle Vale Retail Park Birmingham a retail investment
Riverside Retail Park Northampton a retail investment
Alder Castle 10 Noble Street London, EC2 an office investment
Ravenside Retail Park London, N18 a retail investment
Wycome Retail Park High Wycombe a retail investment
Chiswick Green, 610-624 Chiswick High Road London, W4 an office investment
Tesco Supermarket Kilverstone Thetford a retail investment
Waverley Gate, 2-4 Waterloo Place Edinburgh an office investment
Tesco Supermarket, London Road, Loudwater High Wycome a retail investment.

As you see it has diversified its holdings to own property for retail businesses and also office blocks for commercial office usage.

Unlike financial investments, that are effectively instruments, property is an asset class that is backed by a physical asset. So unlike currency that can be devalued by market activities or shares that could become worthless, property is a hard asset. In these times of ultra low interest rates, the effective return on renting out an office can exceed 6% or 7%.

With assets of £2,444 million = £2.44 Billion it is a large fund with 46% of its investment in the South East of England.

[http://www.mandg.co.uk/investor/funds/property-portfolio/gb00b8g9tt83/overview/]