Blackrock International Land says it has continued to advance with its strategic objectives, despite the changed market conditions in the property sector since the second half of 2007.
In a trading update, it says it has made progress in adding value on several of its development properties so far this year. But on the investment front, it said it has not yet concluded any major transactions so far in 2008.
Blackrock says that while the values of some of its investment properties has declined, progress has been achieved on the development side of the business. It says its portfolio is well diversified geographically and by sector and therefore it is well positioned in terms of the current market environment.
Blackrock says it is targeting an unchanged net asset value per share for the first six months of the year. This is dependent on formal valuations by its external valuers, due in June, and excludes the impact of the strengthening euro against sterling.
'It seems prudent at this stage not to assume any growth in net asset value per share for the full year,' Blackrock said in a statement ahead of its AGM later today.
The company says the sterling impact would result in a reduction of slightly over half a cent per share.
'While it is disappointing that the work being undertaken to develop the company's portfolio has not yet been reflected in an overall increase in values, the board believes that its continuing efforts will deliver benefits for shareholders in due course,' the company said.
