After months of outflows from Irish property funds, the situation came to a head today. Aviva Life and Pensions Ireland has stopped any further withdrawals from two funds — Aviva Irish Property Fund and the Friends First Irish Commercial Property Fund — for up to six months. What’s more, the value of the funds has been cut by 7 and 9.1 per cent.  Why the withdrawals? The issue, it seems, is that the funds are valued at their net asset value — ie, at the accounting value of their underlying properties. Meanwhile, over on the public markets, Hibernia REIT has…

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