BLACKROCK INTERNATIONAL said yesterday that the value of its property assets declined by 28.4 per cent last year from €340.3 million to €243.8 million.

Announcing 2009 results, the property group said it had agreed the sale of a industrial facility at the Xerox Technology Park, Dundalk, to pharmaceutical firm Warner Chilcott subsidiary Galen for €2.9 million.

Loss before tax widened to €105.39 million, from €78.86 million in the prior year. Operating losses of €70 million compared with €55.9 million during the year ago period.

The value of Blackrock’s Irish property investments slumped from €177million to €101.2 million over the year, while the value of its British investments fell to €66.6 million from €75.9 million.

Blackrock said the change in value of its UK property assets included an increase of €5.6 million arising from the strengthening of sterling against the euro during the year. However, this was offset by a net €6.6 million loss arising on the translation of sterling loans and cash and other movements.

Gross rental income for the group in 2009 was €16.9 million as against €17.9 million a year earlier while property outgoings were €3.4 million compared to €4.1 million in 2008.

Net rental income was down slightly from €13.7 million in 2008 to €13.6 million last year. Operating income rose from €1.7 million to €1.9 million over the 12-month period under review.

Net assets per share at the end of December 2009 were €0.1032, compared to €0.2571 at the previous year end.

Net finance expense was €14 million in 2009, which comprised interest and charges incurred on bank borrowings of €7.7 million and a loss on translation of sterling loans and financial assets of €6.6 million. This was offset by interest received on cash deposits and loans to joint ventures of €0.3 million.