Two of Colonial First State's property managers have revalued a raft of commercial property assets due to softer investment yields, lower rental growth and constrained credit markets.

CFS' Property Retail, the manager of the CFS Retail Property Trust, said the book value on four of the trust's shopping centres had dropped $43.4m, or 3.7%, following independent revaluations. QueensPlaza shopping centre in Brisbane suffered the greatest decline in book value at $16.3m, the company said.

The Australian