March 26 (Reuters) - Spazio Investment NV (SPNV.L), an Italian property fund managed by Pirelli & C Real Estate (PECI.MI), swung to a full-year pretax loss mainly due to a fall in both the asset values and the fair value of financial instruments.
Spazio also scrapped final dividend for the second half.
The company expects a further fall in asset values in 2009 but a reasonable level of interest from local investors in its portfolio is expected to continue to provide some degree of protection, it said in a statement on Thursday.
Though the fall in commercial property values experienced to date in Italy is not as marked as in other European markets, the outlook for the Italian real estate sector and asset values remains uncertain, the company said.
