Quintain Estates has seen a 11.5% fall in net asset value.

But it said its fund management business and its investment in less cyclical sectors such as healthcare and student accommodation would satnd it in good stead.

In its results for the year to 31 March it revealed NAV fell to 584p, down from 660p last year - but total return was 3.9%, ahead of the IPD level of -8.5%.

Adrian Wyatt, chief executive, said: ‘The strength of our business model is being proved in the current bear market.

'Our outperformance of 500 basis points relative to the IPD benchmark clearly demonstrates the synergistic, robust and defensive nature of our model and our ability to consistently deliver good results relative to the market.’

John Plender, chairman of Quintain, said: ‘While we will not be immune from a further deteriorating property market, our exposure to less cyclical sectors, such as healthcare and student accommodation, will continue to stand us in good stead.

'They have shown greater resilience to the property market downturn and enjoy returns linked to the RPI index.’

Quintain, whose projects include regeneration schemes at Wembley and Greenwich, said it had exchanged contracts with the London Borough of Brent for the sale of 1.75 acres, to enable the development of a Civic Centre at the Northern part of Wembley City scheme.

Its fund management business saw fee income rise by 105% for the year while funds under management increased from £711m to £1bn.