Blackrock makes €2.6m from Edinburgh land sale

Property investment company Blackrock International Land has exchanged contracts for the sale of a three-acre site in Edinburgh for €6m, realising a profit after costs and before tax of €2.6m.

The land, which is located at Calder Road, Sighthill in Edinburgh, has been purchased by the VW group for the construction of a new Audi car sales showroom. The transaction is expected to complete in early 2008.

Blackrock boss Robert Knox said: "We are pleased to have concluded this profitable sale at Sighthill. 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."

Meanwhile in a trading update, Blackrock said gross investment expenditure in 2007 was almost €140m, while disposals amounting to close to €37m were achieved.

Blackrock said it had recorded a 4.3% increase in net assets in the first half of 2007 while the second half saw a number of significant transactions.