Construction News

07/03/2012

Asset Value Of Property Firm Down £100m

One of Northern Ireland’s largest property firms has had to drop the value of its assets by a staggering £100m as a direct result of the property crash.

William Ewart Properties has saw its net asset value decline from £211m in 2009 to £105m in 2010, this is according to the company’s 2010 accounts.

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The firm also made an operating loss of £4.5m and said that economic conditions "continue to be challenging."

The company's assets include shop units on Donegall Place in Belfast city centre, shopping centres in England, Scotland and Wales and a large portfolio in Germany.

(LB/GK)

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