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"destruction of assets" is a correct and usable phrase in written English.
You can use it to refer to any instance where a physical or financial asset has been destroyed. For example, "The company was fined for the destruction of assets during their large-scale factory closure."
Exact(7)
This week Germany's president demanded that the "monster" of financial markets "be put back in its place": bankers had caused a "massive destruction of assets".
"The destruction of assets is a staggering number, especially when you translate it into the work that gets done because of foundation grant-making," said Bradford K. Smith, president of the Foundation Center.
The losses would be caused by the direct destruction of assets by increasingly extreme weather events and also by a reduction in earnings for those affected by high temperatures, drought and other climate change impacts.
However, they are high risk in terms of potential loss of destruction of assets and human life.
Disasters lead to the situation where economic growth quickens because GDP measures the recovery effort, ignoring the destruction of assets that made recovery necessary.
Although the forecasted arrival of El Niño in some areas should ease the drought, this event brings with it increased risks of flooding and disease outbreaks, including Influenza A (H1N1), and the likely further destruction of assets.
Similar(53)
Suvorov's (wholly circumstantial) evidence was the destruction of defensive assets along the Soviet western frontier in 1940 and early 1941.
From Save Chrisp Street Market in the east to Save Portobello Road Market in the west, the campaigns – many formed only in the last year – range from demands to protect existing social housing, to protests against new luxury flat developments or against the destruction of community assets such as much-loved markets, nurseries, pubs and small businesses.
The risks related to a flood or landslide can be described as the potential for loss, damage, or destruction of an asset as the result of a hazard exposing a vulnerability related to the event.
The critical examination of such programs helps us to differentiate between an asset-based as opposed to the conventional need-based approach to policymaking, and to explore the mutual impacts of government policies and the target groups that are affected by them; policies could result in the formation or destruction of the local assets (social capital).
After Al Shabaab took over control of Jowhar town – located 90 kilometers north of Mogadishu - on 17th May 2009, reports were received of militiamen raiding UNICEF's compound and undertaking large scale looting and destruction of humanitarian supplies, assets and equipments.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com