THE VALUE of Balmoral International Land’s net assets fell by 13 per cent, or €30 million, in 2010, with its Irish assets particularly badly hit.

The company said 2010 was a difficult year for the property market, with continuing subdued economic activity and further “disappointing” reductions in valuations.

Balmoral, which changed its name in October from Blackrock International Land following a trademark dispute with a US- based international management and investment company, said the carrying value of its investment property assets fell in value from €237.1 million at the end of 2009 to €208.8 million a year later.

Irish assets account for a third of the total by value. The rate of decline of Irish assets slowed from 39 per cent in 2009 to 25 per cent last year, while British assets fell in value by 3 per cent last year, compared with a 25 per cent drop in 2009. Continental Europe asset values fell by 6 per cent last year.

“The continuing difficult economic conditions resulted in further reductions in property values in 2010, particularly in Ireland, although the rate of decline slowed significantly,” said chairman Carl McCann.

The company said it undertook only “essential” expenditure in 2010 and sold off two assets – an industrial facility in Dundalk and an office building in the UK – for their book value or prices higher than that level. The sales strengthened the company’s cash position and it reported a net balance at of €10.7 million on December 31st.

Balmoral said agents had reported some signs of recovery in activity in certain market segments towards the end of the year.

Balmoral’s net debt was reduced to €180.5 million for the period, ahead of forecasts.