The London-listed property group said that there had been a 22% decline in the value of its portfolio, but it hoped to take advantage of opportunities when the market recovered. It also announced the sale of its freehold interest in an office building next to Marylebone station, Central London, for £17m.

Interest in West End properties has improved as declining asset values and the demise of sterling make deals more attractive, according to property developer Derwent London.

The company, whose portfolio is dominated by offices in London’s West End, posted a £606.5m pre-tax loss for 2008, caused by a 22.2% decline in the value of its properties amid a lack of available credit and demand for business space.

However, John Burns, the chief executive, said Derwent had seen a pick-up in enquiries about its properties in 2009.

The Times, Daily Telegraph