Blackrock reports 5.1% decline in NAV

Releasing its interim results for the six months to June 30, property firm Blackrock International Land has today reported 5.1% decline in NAV to €37.46.

Net assets decreased by €11.8m during the first half of 2008, from €230.3m to €218.5m, a decline of 5.1%, reflecting the changed market conditions and the strength of the euro during the period.

Excluding the impact of foreign exchange, net assets declined by 3.5% in the period, slightly behind the flat outcome targeted in Blackrock’s trading statement in early June.

Net assets per share at 30 June 2008 were €37.46 cent compared to €35.53 cent on flotation in May 2006.

“In the context of the changed property market environment, Blackrock has delivered a reasonable performance in the first half of 2008,” said Blackrock chairman Carl McCann.

“Progress has been made in adding value to several of the Group’s significant development properties. However, this has been offset by lower valuations in other elements of the company’s portfolio.

“Blackrock continues to benefit from a robust and well diversified set of assets with the potential to deliver significant additional value into the future.”