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 that the rate of decline in valuations slowed "significantly".
Blackrock's Irish portfolio decreased in value 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 increased in value slightly.
However, sterling denominated assets led to an exchange of €6.3 million, offsetting negative valuation adjustments.
These disposals include an industrial facility at the Xerox complex in Dundalk and an office building in Milton Keynes, which generated €6.7 million in cash for the group.
Over the six month period, Blackrock also acquired the remaining 50 per cent of the Drum Estate in Edinburgh from the administrator of Applecross Properties.
Chairman Carl McCann said the board was focusing on management of its properties and finances to position the company in a good position for when markets improved.
Blackrock recorded gross rental income of €8.4 million, compared with €8.6 million in 2009. Property outgoings were €1.6 million, resulting in net rental income of €6.8 million for the period. This compares with €6.9 million last year.
