Great Portland Estates has suffered a 6.5% decline in NAV during the last quarter from 660p to 617p.
It said the fall represented a significant outperformance compared with the average property return during the last quarter. Rental values grew 2.6% while the void rate dropped from 4.6% in September to 3.6% by the end of the year.
It made £16.1m in sales during the quarter at a 24% premium to their September book value.
Cazenove provisionally cut its forecast for NAV at the March year end to 600p and for March 2009 from 608p to 583p. Questor, in The Daily Telegraph, says investment should be for the long-term only.
The shares closed up 2.25p at 499.75p.
24/01/08 Financial Times 18 Times 50 Daily Telegraph B2, B6, B8
