Blackrock International Land has said its group net assets declined by €89.8m during the year as property values fell and as investors and occupational demand also weakened.
It reported pre-tax losses of €105.4m for the year compared to losses of €78.8m in 2008, while operating losses fell to €70m from a figure of €55.9 the previous year.
The company said its net assets at the end of December 2009 stood at €0.1032 compared to €0.2571 at the end of 2008 and described the year as disappointing.
However, the company's net rental income remained steady at €13.6m , while its finance costs fell by 30% to €7.3m.
Blackrock said that the impact of the economic downturn was greatest in Ireland, where the most significant declines in value occurred and the market outlook remains uncertain.
However, it added that the UK and continental Europe appear to be showing some signs of improvement and the values of the group's assets in these areas held up 'reasonably well' in the circumstances.
Meanwhile, the firm today announced a deal to sell its 3,700m² industrial facility at the Xerox Technology Park in Dundalk, Co Louth to Galen (Chemicals) for €2.9m.
Galen (Chemicals) is a subsidiary of global pharmaceutical company Warner Chilcott, who announced plans last week 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.
'Despite the difficulties in the property sector and the disappointing outcome for 2009, Blackrock's substantial portfolio of attractive and well diversified properties has the potential to show significant value uplifts from today's levels when the benefits of the anticipated economic recovery take place,' commented chairman Carl McCann.
'In the meantime, the company is focused on optimising its position in the prevailing conditions through maximising income, reducing costs and adding value where possible,' he added.
