By Carolyn Cohn LONDON (Reuters) -CBRE Investment Management has deferred redemption payments on its UK property fund due to market conditions, it said on Wednesday, joining several other funds taking similar steps to avert a cash crunch following recent turmoil in UK money markets. Sharp rises in interest rates this year have encouraged pension funds and other institutional investors to switch out of property funds, industry consultants say, as they no longer need to hunt out yield through investment in riskier assets. Outflows from property funds accelerated as markets reacted to the UK gove…