Liberty International this morning reported no change in its net asset value in the third quarter, as the value of its prime shopping centre-led portfolio was barely affected by the onset of the credit crunch.

The 1369p a share NAV at the end of 30 September matched the 1385p reported at 30 June after accounting for the interim dividend of 16.5p a share that was paid during the quarter.

Liberty’s £8.2bn portfolio lost just £39m in value.

The values of most of its UK shopping centres, owned by its Capital Shopping Centres subsidiary, were unchanged, while three of the smaller centres – the Glades in Bromley, the Chimes in Uxbridge and the Potteries in Stoke – fell slightly.

The values of Capital & Counties’ properties were even less affected. Its UK assets fell just 0.1% in value, while its US properties rose by 2.8%.

‘This is a time for quality,’ said Liberty chief executive David Fischel ‘The gap between prime and secondary had narrowed to ridiculous levels and has now widened again.’