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New Star suffers drop in property portfolio value.

Byline: Company is latest victim of slide in sentiment currently crippling UK commercial property market

New Star Asset Management became the latest firm to suffer a fall in the value of its UK property portfolio last week.

The value of underlying assets held by the AGBP2.1bn New Star UK Property fund was reduced by 8.2 per cent by the fund's independent arbiter, CB Richard Ellis.

Following a capital fall of 9.6 per cent in the previous four months, last week's depreciation brought the fund's overall capital fall since the end of July to 17.8 per cent.

Rob Page, marketing director at New Star, said the drop in value reflected a wider deterioration in sentiment ...

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