Invista Foundation Property Trust has suffered a 7.8% drop in its net asset value in the third quarter.
The NAV fall to 137p a share, said Invista, ‘reflects the slowdown in the UK commercial property market and uncertainty in global financial markets’.
It included a 2.37% in the value of the portfolio, a downwards adjustment in the mark-to-market valuation of the interest rate swap from £10.14m to £1.73m and a 14% fall in the value of three joint venture investments, including Plantation Place, London EC3.
Duncan Owen, chief executive at Invista Real Estate Investment Manager, said: ‘The UK commercial property market has experienced a significant downward adjustment in capital values over the last few months which has been reflected in the Company's valuation for this quarter.
‘Against these more challenging market conditions, we have taken active steps to pursue a more defensive, income oriented strategy, including moves to increase the Company's rental income and reduce borrowings.’