The past three months have seen the value of AMP Office Trust’s portfolio dropping by more than 5%.

The unrealized loss, calculated in a new revaluation by Colliers International and CB Richard Ellis, represents $72 million in dollar terms.

By this, the Trust’s total portfolio losses are taken to 239.10 million for the full year to 30 June 2009.

The Trust reported a 10.63% loss in its portfolio value during March, due to economic downturn which devalued most asset classes including property. The reasons for the present drop are the same too, says AMP Office Trust chief executive Robert Lang.  

Mr. Lang added, “Valuations are under pressure from the dual impact of capital market illiquidity and weakening rental levels, and this environment is likely to prevail as the global and local economies struggle.”

Mr. Lang further continued, “This is a circumstance that ANZO and its investors – along with investors around the world – are obliged to endure while macro-economic conditions remain weak.”