PROPERTY INVESTMENT vehicle Blackrock International Land said yesterday the value of its assets fell by more than one-third last year.

The company, spun off from fruit importer Fyffes in 2006, noted in a statement that the property sector deteriorated in 2008.

“The economic downturn and uncertainty, along with higher interest rates during most of the period, and continuing credit constraints, has reduced the value of most asset categories,” Blackrock said.

“Over the last 12 months Blackrock has experienced the effects of these factors on its portfolio. As a result, the group’s gross assets at December 31st, 2008, are likely to be in the order of €340 million. Net debt is expected to be approximately €180 million at year end.

“Net assets per share are expected to amount to slightly more than €0.25 as at December 31st, 2008, a very disappointing outcome and one that represents a decline of approximately 36 per cent over the 12 months.” Blackrock added that it owns a large and diverse range of properties. It said it remained focused on maximising the income from these assets, and hoped that falling interest rates would help boost their value over time. Blackrock took over Fyffes’ property portfolio when the latter spun it off. This included assets in the Republic and Britain.

The company subsequently invested in a number of new properties, largely in England and Scotland, in cities such as Edinburgh, Glasgow and London.