WICHFORD, the UK landlord that leases offices to the British and German governments, reported a loss for the first half on a revaluation of its investment properties following a slump in housing markets.

The net loss for the six months ended March 31 was 74.8 million pounds (US$148 million), or 56.4 pence a share, compared with a profit of 3.8 million pounds, or 2.9 pence, a year earlier, the Isle of Man-registered company said in a statement on Friday. The revaluation of investment properties resulted in an 80.1 million-pound deficit, Bloomberg News said.

Net asset value, a gauge of real-estate performance favored by analysts and investors, declined 37 percent to 136.4 pence a share.

"It is clear that the problems in the credit and housing markets will take some time to resolve, and the outlook for the US and many European economies over the next year is uncertain," Chairman Philippe de Nicolay said in the statement. Wichford bought the freehold of an office building in Croydon in the south of London for 15.25 million pounds, it said in a separate statement.

The company owns 77 properties in the UK, France and Germany, and one in The Hague contracted but not yet acquired. They have a value of 606.8 million pounds.