Blackrock seals €34.7m campus joint venture
Blackrock, the property investment spin-off of fruit distributor Fyffes will join with Applecross Properties to acquire the campus for a total outlay, including costs, of £24.2 million (€34.7m).
Outline planning consent has been granted by Midlothian Council for a residential development of 140 high-quality executive houses on the site.
The property comprises of 15.74 acres and is located at Eskbank, which is about 16km south of Edinburgh city centre.
The purchase agreement provides for an initial payment of £10m, to be paid by tomorrow. The balance of the consideration will be payable on October 31 next year or on the provision of vacant possession by the vendor, whichever is the later.
It is anticipated the equity contribution by Blackrock will be less than £4m.
Blackrock managing director Robert Knox said: “We are pleased to have concluded the purchase of this prime property close to Edinburgh. The Scottish residential market remains strong and these lands are ideally located to serve the demand for high-quality housing within a short commuting distance of Edinburgh city centre.”
Blackrock has entered a number of joint ventures with Applecross.
