Warner Estates provided a solid trading update today, but provided a cautious outlook on the market ahead of its full-year results.

Warner said the net asset value of its Ashtenne Industrial and Apia regional office had fallen only 5% to 730p in the six months to 31 March, higher than Investment Property Databank Benchmark returns and many of its listed peers.

Cautious

It also said that more of this occurred in the final quarter of 2007 than the first quarter of 2008. However, it was cautious on the outlook for 2008, saying that it was not possible to say whether the drop in values would continue to slow while uncertainty remained in the financial markets.

Warner also said that in the last month it had rolled over for a further two years a £150m loan related to a joint venture it had undertaken, and that it continued to operate well within its banking covenants.

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