Investment firm reports €140m spend

ALMOST €140 million was spent by investment firm Blackrock International Land this year while it sold off assets worth almost €37m.

Blackrock, the property investment spin-off of fruit distributor Fyffes, said it recorded a 4.3% increase in net assets in the first half of this year.

It said during the second half, it completed a number of “significant” transactions with the potential to deliver substantial benefits over the medium term.

It expects that net asset growth for the full year will be about 6.2%.

Yesterday, Blackrock announced it exchanged contracts for the €6m sale of a three-acre site in Edinburgh, realising a profit after costs and before tax of €2.6m.

The land, which is located at Calder Road, Sighthill in Edinburgh, was purchased by the VW Group for the construction of a new Audi car-sales showroom.

Blackrock managing director Robert Knox said: “We are pleased to have concluded this profitable sale. Combined with the completion of our disposal of the former Edinburgh Fruit Market, we have realised gross proceeds of €31.7m from sales in Edinburgh in December.”

Blackrock said it intends to focus on expanding the business by exploiting the value in its existing portfolio and by acquiring further quality assets.