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Brixton, the UK's largest commercial property owner has reported dramatic losses.
The company said its net asset value per share fell 17.8 per cent despite positive rental returns.
Chief executive Tim Wheeler commented: "As we anticipated, the commercial property market has become more challenging in response to the credit crunch and slowing economies."
He went on to explain that a lack of transactions had caused confusion "and an element of denial" in the market.
The company reported net rental income up 13.5 per cent and "has an advantage and a resilience given the focus of our portfolio, finances and human resources", Mr Wheeler added.
Its half yearly report revealed a valuation deficit of -15.5 per cent for the previous 12 months and an IFRS loss before tax of £236.7 million.
Brixton manages more than 19 million sq ft of industrial and warehouse space in the UK and its portfolio is centered on the south-east of England.
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