Blackrock and Total Produce to acquire Dublin lands

Blackrock International Land has announced that it has formed a new joint venture company with Total Produce which has agreed to acquire 135 acres of land in Dublin for a total outlay, including costs, of €25m.

The lands are located at The Ward in north Co Dublin, close to the new N2 motorway which links the M50 interchange at Finglas to Ashbourne.

Just over 36 acres of the lands are zoned for agri-business use, 20 acres of which have been targeted for the initial development of new facilities for Total Produce, including replacement premises for its existing operations in central Dublin.

Under the joint venture agreement, Total Produce has an option to acquire these 20 acres at cost, such option to be exercised during a maximum period of ten years from completion of the transaction.

The remaining 99 acres, which also adjoin Blackrock’s existing 120 acres holding at Corrstown, Co Dublin, are well placed to take advantage of the significant development expected to take place in this area of north Dublin over the next few years.

Blackrock’s share of the acquisition cost is €12.5m. Three representatives from each company have been appointed to the board of the joint venture company, including Robert Knox, managing director of Blackrock and Rory Byrne, chief executive of Total Produce.

The vendors of the lands are subsidiaries of Balkan Investment Company, a company controlled by Neil McCann, which owns 6.38% of the share capital of Blackrock and 10.6% of the share capital of Total Produce.