THE VALUE of Blackrock International Land’s portfolio decreased in the first six months of 2010 as the company wrote down the value of some assets and disposed of others. However, Blackrock noted the rate of decline in valuations slowed “significantly”.
Blackrock’s Irish portfolio fell in value by €6.7 million from €101.2 million on January 1st to €94.5 million by June 30th. This was due to a €4.4 million value adjustment and disposals of €2.9 million.
Its UK portfolio saw disposals of €3.8 million, and rose in value slightly.
However, sterling-denominated assets led to an exchange rate gain of €6.3 million, offsetting negative valuation adjustments. The disposals include an industrial facility at the Xerox complex in Dundalk and an office building in Milton Keynes (€6.7 million).
Over the six-month period, Blackrock acquired the remaining 50 per cent of the Drum Estate in Edinburgh from the administrator of Applecross Properties.
Blackrock recorded gross rental income of €8.4 million, compared with €8.6 million in 2009.
