Blackrock International Land has suffered a 36% fall in its net assets a share in the last year.
In a trading update this morning, it said that in the 12 months to 31 December its net assets a share fell to E0.25 – an outcome which it described as ‘very disappointing’.
The group said that the downturn had caused its total assets to fall by E100m in 12 months to E340m (£295m) at 31 December compared with E440m (£384) at the same time last year.
Its net debt was E180m (£157m).
Blackrock said: ‘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.
'Over the last 12 months Blackrock has experienced the effects of these factors on its portfolio. The group remains focused on maximising the income from these assets and, with the benefit of falling interest rates, seeks to enhance their value over time.’