Blackrock International says that the economic downturn and uncertainty, along with continuing credit constraints, has reduced the value of most asset categories, especially property.
In a trading update, Blackrock says it has experienced the effects of these factors on its portfolio over the last 12 months.
It said its gross assets at the end of December are likely to come to €340m, while its net debt is set to hit approximately €180m.
Its net assets per share are expected to amount to slightly more than 25 cent a share by December 31,2008, the company said. It said this was a very disappointing outcome, which represents a decline of about 36% over the 12 months.
'However, the group owns a large and diverse portfolio of properties,' the trading update said. 'It remains focused on maximising the income from these assets and, with the benefit of falling interest rates, seeks to enhance their value over time,' it added.
Shares in Blackrock jumped 33% to stand at four cent in Dublin this lunchtime.
