Blackrock forms joint venture to redevelop Dublin’s market area

BLACKROCK International Land’s joint venture has been chosen to redevelop Dublin’s Market Area by the City Council.

It excludes existing assets of the group in the area and covers three acres near the Luas line and the Four Courts.

The plan provides for the creation of an open-air plaza surrounded by a covered food market.

It also includes restaurants and bars, retail, office and residential accommodation and a community centre.

Consultations will commence shortly with Dublin City Council and construction will take several years.

Blackrock is forming a joint venture to handle the project, called the Markets Regeneration Consortium, that is 50% owned by the company and 50% by the Linders and Kelly families.

The company said that it made profits of €13.1 million before tax in 2007, down from €19m in 2006.

It warned Irish and British property markets were expected to see a slowdown in activity in 2008.

“While allowing for further value-enhancing activities which will continue to receive priority this year, it seems prudent not to assume any significant net asset growth in the first half of 2008 at this stage,” the company said.

By year end, net assets had reached €230.3m, a rise of 4.2% while spending oninvestments totalled €140.7m in 2007. Property sales amounted to €38.4m.

Investments involved properties in London, Brussels, Milton Keynes, Edinburgh, Amsterdam and Dublin. Properties were sold in the Netherlands as was the former Edinburgh Fruit Market. Net rental income was €13m, up from €3.8m.

“This reflects the group’s successful development activity and the sectoral and geographic diversity of its property portfolio,” said chairman Carl McCann.