Investors in a £1.2bn retail park fund saw the value of their holdings drop by more than a third last year. Financial Times

Capital & Regional, the fund’s manager, said yesterday that unit values in its Junction property fund fell 34.3% to 206p in 2007, highlighting the extent of geared losses for property investors last year. The value of the properties in the vehicle fell 19.8%.

The fund invests in retail parks in the UK, one of the sectors hardest hit by the slump in property prices.