Fund manager and landlord Charter Hall has cut the value of its $30 billion office portfolio by 3.7 per cent as a wave of anticipated revaluations sweeps through the commercial property sector as a result of rising interest rates.

Overall, revaluations wiped 2.8 per cent off the value of Charter Hall’s managed portfolio, with a total decline of $1.9 billion. Charter Hall expects its property funds under management to fall to $72 billion by June 30, down on the $73 billion it reported in its half-year result.