Blackrock International Land expects improved first-half result

BLACKROCK International Land is anticipating an improved result for the first half of this year, on a year-on-year basis.

Management at the company, which is the property development spin-off of fruit distributor Fyffes, told shareholders at its annual general meeting in Dublin, yesterday, that good progress has been made on the planning front and the slide in property valuations slowed during the first half of the year.

“The rate of decline in property valuations slowed dramatically in the period and, reflecting this, the company anticipates that its net assets per share – at June 30 – will be of the order of €0.09 compared to €0.1032 at last year end.”

The company – which was separated from the main Fyffes business four years ago – also said that good progress “continues to be made” on the planning front, in relation to “several” of its development properties, particularly those based in Scotland.

Blackrock concluded two disposals during the first half of the year – an industrial facility at the Xerox complex in Dundalk and an office building in Milton Keynes – which generated a further cash injection of €6.75m for the group.

The remaining 50% of the Drum Estate in Edinburgh was also acquired from administrators.

Earlier this year, Blackrock said that its net assets fell by €89.8m in 2009, as a result of property values falling and investor demand weakening significantly.