Blackrock International Land, the Dublin-based property company spun off from fruit group Fyffes, this morning warned that the values of some of its investment properties have fallen.
In a statement released this morning, the company said "it seems prudent at this stage not to assume any growth in net asset value per share for the full year".
The euro's increase against sterling will reduce first-half net asset value by 0.5 cents per share, Blackrock said.
The company added that "while it is disappointing that the work being undertaken to develop the company's portfolio has not yet been reflected in an overall increase in values, the board believes that its continuing efforts will deliver benefits for shareholders in due course."
Blackrock said it was well diversified geographically and by sector and as such was well positioned.
Blackrock holds its agm in Dublin later today.