Blackrock buys lands for €13.5m

BLACKROCK INTERNATIONAL LAND, the property offshoot of Fyffes, has invested €13.5 million, including costs, to acquire lands near Dublin with development potential in the medium to long-term.

The lands are currently unzoned but may have long-term development potential as industrial lands in the context of the expansion of Dublin city.

The related contract was exchanged prior to the company’s year-end and, therefore, the transaction will be accounted for in 2006.

The purchase brings total investment expenditure by Blackrock since its listing in May 2006 to €155.5m, an increase in its gross property assets of almost 80% in the period.