Great Portland Estates, the London office developer, reported a rise in vacancies and a fall in rents as demand dried up for office space in its core West End property portfolio.
The company said that the value of its properties had fallen 12.4% to £1.2bn in the three months to the end of 2008, a marked acceleration from previous quarterly losses but better than its comparative index.
As a result, its net asset value per share dropped by more than a fifth to 392p during the period to show a 36.5% decline for the full year.
Financial Times, Daily Telegraph
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