Alpha Pyrenees Trust said its net asset value at the end of March was negative 53.4p per share - a decrease from negative 50.2p per share at the end of December.
The trust said this was due to the combined effect of the loss incurred in the period and the loss on the sale of its property at Champs-sur-Marne.
The trust said that at the end of March it owned a residual portfolio of two properties in France (located at Saint Cyr L'Ecole and Ivry-sur-Seine) and two properties in Spain (located at Alcalá de Guadaíra and Écija) totalling approximately 24,740 square metres (approximately 266,200 square feet) of commercial real estate.
These properties were last valued on 31 December 2016 at €15.1 million (£12.8 million at 31 March 2017 exchange rate).
It said the next independent revaluation would take place on 30 June.