Blackrock International Land pays €15m for Dublin, London properties

BLACKROCK International Land is expected to grow its property assets to €430 million with its latest investments in Dublin and London.

Dublin-based Blackrock — the property spin-off of fruit distributor Fyffes — has announced it is spending almost €15m in property developments in Dublin and London.

This includes the acquisition of 120 acres of land at Corrstown in north county Dublin.

The property is located off the new M2 Dublin/Ashbourne motorway and is currently in agricultural use. Blackrock said the holding is well placed to take advantage of the significant development expected to take place in the area in the next few years, especially with its close proximity to Dublin airport and the M50 interchange.

In London, the group have added to their property portfolio by acquiring a further 1.7 acres directly adjacent to their existing properties in the Thames Gateway in east London.

Subject to appropriate planning permissions, the group said their combined property holdings in this location, now totalling around 15.5 acres, has the potential for future mixed-use redevelopment.

Blackrock recently agreed to form a joint venture company with Dublin-based Cornerstone to develop a series of office buildings in London’s financial district.

Blackrock invested €25m for a 37.5% stake in the venture.