Spanish property company Inmocaral said net asset value of its real estate holdings rose by 5.4% to EUR 9.455 bn at the end of the first quarter of 2007, from EUR 8.964 bn at year-end 2006. The company said 71% of the rise came from property rentals, mostly offices in Paris, Madrid and Barcelona. The announcement follows two days of heavy losses for Inmocaral’s share price on the Madrid bourse, and ahead of scheduled quarterly results.