Shaftesbury, the owner of property across the West End of London, has seen a quarter wiped off its net asset value over the past year.

The group’s property portfolio fell in value by 15.6% in the year to the end of September, outperforming the IPD UK benchmark fall of 22.6%, although the company said the market slump had again accelerated since that date. Net asset value per share fell a quarter from 646p to 482p.

Shaftesbury owns three 'villages' centred in Carnaby Street, Covent Garden and Chinatown, and it said it was looking at potential acquisitions in the next year to add properties to these estates as prices fell.

Jonathan Lane, chief executive, said: 'We are starting to look at interesting options in the West End. We have seen no affect yet on our lettings or on bad debt. Experience tells us that there will be tough moments ahead but we have a strong income profile spread over 800 tenancies.'

Financial Times, The Times, Daily Telegraph