Bricks and mortar struggles on as New Star devalues fund by 8.2%

New Star has devalued its UK Property Unit Trust in the face of widespread redemptions across the ass...

New Star has devalued its UK Property Unit Trust in the face of widespread redemptions across the asset class in recent months. The group said holdings within the bricks and mortar fund have lost 8.2% of their value, following a fall of 9.6% in the previous four months, making a total capital fall of 17.8% since the end of July. New Star has been commissioning property valuations twice a month from valuer CB Richard Ellis since prices in the sector began to plummet. The firm remains confident the vehicle will continue to draw income from its low risk blue chip tenants, and said it will t...