Blackrock assets down €90m

Commercial property company Blackrock International Land saw its assets decline in value by almost €90m in 2009 due to the property slump, the company said today.

In preliminary results for the year ending December 31, 2009, the company said the value of its net assets had declined by €89.8m to €243.8m.

Net rental income was however steady at €13.6m, compared to €13.7m the previous year.

"The continuing difficulties affecting all sectors of the property market have contributed to a disappointing result for the group in 2009," Blackrock said in a statement.

"The impact of the economic downturn was greatest in Ireland where the most significant declines in value occurred and the market outlook remains uncertain pending implementation of the government’s measures to address the underlying credit situation."

"The UK and Continental Europe appear to be showing some signs of improvement and the values of the group’s assets in those jurisdictions held up reasonably well in the circumstances."

Incorporated in 2006 by acquiring the property undertaking of Fyffes plc, Blackrock has a portfolio of commercial properties in Ireland, the UK and Europe.

The company separately announced this morning the sale of a 3,700m² industrial facility at the Xerox Technology Park, Dundalk, to Galen (Chemicals) Ltd, a subsidiary of global pharmaceutical company, Warner Chilcott, for a consideration of €2.9m.

Warner Chilcott has announced plans to create a new corporate headquarters at the property with the assistance of IDA Ireland. The facility being acquired is part of a 17,000m² industrial complex owned by Blackrock at this location.