Terra Catalyst, an AIM-listed property “vulture” fund managed by corporate activist Laxey Partners, has revealed that net asset value dropped by almost a fifth since its launch in February.

The company said on Friday that net assets fell from a launch value of 96.5p a share to 78.1p at the end of July, a decline of just over 19 per cent. It pointed out that, over the period, the benchmark EPRA index dropped 21 per cent.