A property fund focused on Asia-Pacific assets has been suspended after two of the main investors in the vehicle said they were withdrawing from it.

UK-based Aviva Investors has suspended its Asia-Pacific Property fund from trading after its two main investors declared their intentions to withdraw from it.

The £159 million ($248 million) fund was suspended from trading and will be wound up in August 2015. The fund management arm of Aviva Investors will sell its commercial real estate in Sydney and Tokyo, a spokesperson confirmed to this publication.

“The withdrawal would considerably reduce the fund to a size that we do not believe is viable for a fund of this nature. As a result, and in the best interests of our investors, we plan to close the fund,” the firm said. The two main investors together accounted for over 75 per cent of the fund.

“Suspending dealing will enable the properties of the fund to be sold in an orderly manner, which will help to maximise the sales values achieved,” the statement continued.

The company recently had a senior management reshuffle. The chief executive of global real estate at Aviva Investors, Ian Womack, stepped down in June. He was replaced by Ed Casal. Fund manager Philip Nell also left to join the real estate team at Hermes Investment Management.

Aviva Investors had £24.5 billion of real estate assets at the end of March.