Fyffes' spin-off Blackrock reveals €13.5m spend

Fyffes' property company spin-off Blackrock International Land spent €13.5m on transactions between its inception on May 11 to June 30.

Net rental income for the seven-week period was €704,000.

Blackrock released its first financial statements today. It was admitted to trading on the IEX market of the Irish Stock Exchange and the AIM market of the London Stock Exchange in May.

At an extraordinary general meeting held on May 9, Fyffes shareholders adopted the resolutions required to implement the demerger and also approved a subscription by Fyffes for 40% of Blackrock.

Today, Blackrock said its directors were targeting investment expenditure of €200m over two years.

Chairman Carl McCann said: "The company's strategic objective is to build a substantial, internationally-recognised property business with a clear focus on development opportunities, supported by a strong investment portfolio.

"The directors have ambitious targets for growth, aiming to achieve investment expenditure of €100m over the next year and another €100m within a further twelve months."