The ING UK Real Estate Income Trust has reported a fall in the value of its investment portfolio and its net asset value.

In an announcement to the Stock Exchange this morning the trust revealed the value of its direct property holdings fell 3.13% to £687.4m in the quarter to September.

It also revealed a dip in NAV of 6.8% to 124p a share.

‘The Commercial Real Estate Investment market has been affected by the events in the financial markets over the summer and a re-pricing of risk,’ ING said.

‘However, occupier demand fundamentals remain robust and will, to some extent, offset this yield correction.

‘Within the property portfolio there has been outward yield movement across all sectors, but this has been least pronounced in the office sector in which the Company has an overweight position relative to IPD.’

The value of the company’s office properties, which make up 43.4% of its portfolio, fell 1.76%.

Industrial property, accounting for 25.8%, fell 4.43% in value, and the 20.3% of the portfolio held in retail property fell 3.27%.