Warner Estate, the co-investing listed property company, has said that incipient weakness in the commercial property market is a buying opportunity.
The company believes cheaper pricing represents a chance to pick up more stock for its own balance sheet and its managed funds.
The company yesterday said its first-quarter trading to June was 'in line with budget'.
In London, the group bought 2 America Square in the City for £25.1m and 16 Upper Woburn Place in Midtown for £21.8m. It has sold five properties for a total of £38.6m, all of which were at or above their March valuations.
Warner said it had achieved 90% preletting for its 200,000 sq ft Bouverie Place shopping centre in Folkestone, which will open in November. It has also begun the 100,000 sq ft redevelopment of Market Place, Bolton, which it jointly owns with Bank of Scotland.
The shares rose 15p to 625p.