Blackrock International Land, the property company spun off from fruit group Fyffes, has written down the value of its assets by €100 million over the last year due to the collapse in property values.
The property development company with interests in the Republic and the UK today
reported assets of €340 million at the end of 2008, €100 million less than the €440 million reported at the end of 2007 despite no significant disposals.
As a result the net asset per share has declined 36 per cent to €0.25, which Blackrock describes as a “very disappointing outcome”.
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In an interim statement Blackrock said it held net debt of approximately €180 million at year end. Blackrock is expected to report full-year results at the end of the month.
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