Industrial REIT, Segro, owner of the 200-acre Heywood Distribution Park near Rochdale, reported an 11.5% fall in net asset value in the first half of the year.
The NAV fell to 623p in the six months to June. In addition, Segro took a £50.7m, or 21.4%, writedown on its land bank values. The average value of its UK land holdings was £760,000/acre, down one third since June 2007.
The fall in values resulted in a £315m pre-tax loss against a profit of £195m in the same period last year.
The group halved the number of speculative development starts, although vacancy levels held firm at 9.3%.
The last year saw a spate of lettings at Heywood, including deals with Hurley Menswear, JJB Sports, Eddie Stobart, JD Sports, Character Options and Parcelforce. The park contains nearly 3m sq ft of industrial premises and is one of the country's largest single-owned distribution parks.
King Sturge and Savills are joint letting agents on Heywood.