- The market value of The Local Shopping REIT's portfolio fell to £174.4m at the end of September - down from £202.3m last year but up 4.8% since March.

The firm's net asset value was £58.6m or 71p per share compared with £93.3m or 112p per share a year ago and £50.3m or 62p per share at the end of March. Adjusted NAV of £63.9m or 77p per share excluding liabilities arising from derivative financial instruments (30 September 2008: £93.1m or 112p per share).

Chairman Grahame Whateley said the results demonstrated the resilience of the company's business model and the benefits of its diversified tenant base and geographic spread.

He addes: "In addition, the current market conditions - while stabilising - have underlined both to property owners and the banks, the benefit of expert management skills to protect and enhance the value of highly specialist assets such as ours.

"This is clearly illustrated by our recent and ongoing involvement with two major UK banks to provide our advice or management skills."

Story provided by Business Financial Newswire