Prudential has announced that it has shaved £2 billion off the value of its commercial property investments in the last 18 months.
The move, which affects the Pru with-profits fund, was in response to the volatility of commercial property markets, it said.
The with-profits fund now has a 14 per cent exposure to commercial property, including London office space, with its exposure to commercial property in Asia rising by two per cent.
"We’ve been seeing right now something of a correction in the market," Martin Brookes, director of portfolio management at Prudential, commented.
"The most significant thing is in terms of volatility, we’ve been adding unit price [value] from day one," Brookes added. "We’re reasonably positive about the economy."