Blackrock Intl sees 'disappointing' NAV drop of 36%

Blackrock International, the Dublin-based investment group, has seen its Net Asset Value fall by 36% in the course of 2008 as a result of deteriorating conditions in the property market. The company said that its NAV per share is expected to amount to slightly more than EUR 0.25 at end-December and qualified the outcome as 'very disappointing'.

'The property sector in most countries has experienced significant negative factors during 2008, with conditions deteriorating during the year. 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, in particular property,' the company said in a trading stategement.

The group's gross assets at end-December amounted to EUR 340 mln, with net debt expected to come in at approximately EUR 180 mln. The company added that it will remain focused on maximising the income from these assets and will continue to seek to enhance their value over time.