Michael Morris, fund manager of the £401m ($821m) ING UK Real Estate Trust, remains positive on the property sector, despite concerns that the market is reaching a peak. Financial Times

Dismissing this as ‘scaremongering’, the Guernsey-listed investment last week posted an unaudited net asset value per share of 133p, an uplift of 4p per share, or 3.1% over the quarter, and 16p per share, or 13.7%, over the 12 months to June.

Morris attributes the recent performance to the underlying capital growth in central London and south-east offices, the areas in which ING has been increasing its holdings. Almost half the buildings in the fund are now in London and the south-east