New Star's property trust value plummets 8.2%

The latest CB Richard Ellis valuation follows a 9.6% capital fall in the previous four months, taking the total capital loss to 17.8% since the end of July. New Star says it “regrets” the property value reduction and will make every effort to maintain the fund’s liquidity. At the current valuation, the income yield on the £1.99bn fund is 4.4% net of charges. “Notwithstanding the quality of the fund's portfolio, its valuation must reflect the recent deterioration in sentiment towards the commercial property market generally,” the New Star statement to the stock exchange reads. “The fund'...