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The fund manager said the number of investors asking to withdraw their money had increased following the vote.
"The suspension was requested to protect the interests of all investors in the fund," it said in a statement.
The last time Standard Life stopped investors taking their money out of the fund was during the financial crisis.
The £2.9bn fund invests in a mixture of commercial real estate in the UK, including office blocks, shopping centres and warehouses.
The move comes after Standard Life Investments, the insurer's fund management arm, wrote down the value of the fund by 5% last week, saying the Brexit vote had "negatively impacted" valuations for UK commercial property.
It said the suspension would end "as soon as practicable" and it would review the decision every 28 days.