Blackrock invests €13.5m in land near Dublin

Blackrock International Land has invested €13.5m, including costs, to acquire lands near Dublin with development potential in the medium to long-term.

The lands are currently unzoned but may have long-term development potential as industrial lands in the context of the expansion of Dublin city, Blackrock said today.

The related contract was exchanged prior to the company’s year- end and, therefore, the transaction will be accounted for in 2006.

The purchase brings total investment expenditure by Blackrock since its listing in May 2006 to €155.5m, an increase in its gross property assets of almost 80% in the period.

Blackrock is an Irish-registered company that was incorporated for the purposes of effecting a demerger by Fyffes plc of its property undertaking.