Commonwealth Property Office Fund has cut the book value of 15 office properties by $190.7m.

The fund is managed by the funds management arm of Commonwealth Bank of Australia.

'Given the scale and recent pace of change within the Australian office market we have brought forward the revaluation of nine properties for the December quarter, resulting in a total of 22 of our 27 properties being revalued in the past six months,' fund manager Charles Moore said.

As a result of the latest revaluations and the mark to market of derivative financial instruments, it said gross assets of the fund will be estimated to be AU$3.6bn at December 31

The Australian