Fyffes's property spin-off Blackrock International Land has bought property in Dublin and Edinburgh for a total €9 million in Blackrock's first acquisition since its shares began trading in May.
Blackrock acquired 31 acres of land in the expanding Edinburgh suburb of Broxburn and purchased 34,000sq ft of warehouse and office accommodation at Willsborough Industrial Estate in Dublin.
The property in Ireland is currently being let to a British Telecom subsidiary for €301,563 a year and has a rent review outstanding since 2005.
The land Blackrock bought in Edinburgh is near property already owned by the company and brings the company's total acreage at this location to 105.
Blackrock expects the property to form part of a major mixed-use development scheme.
Shares in Blackrock began trading on Dublin IEX exchange and London's Alternative Investment Market (Aim) two months ago after Fyffes shareholders voted overwhelmingly in favour of spinning off the fruit importer's property interests.
Under the demerger agreement's terms, Fyffes bought a 40 per cent stake in Blackrock for €83 million and individual Fyffes shareholders ultimately received one Blackrock share for every share they held in the fruit importer.
Fyffes shareholders now own about 60 per cent of the company.
Fyffes said in May that, as a result of the deal, Blackrock will receive properties such as Fyffes's headquarters and depot in Dublin city centre.
They will also acquire real estate in Clonshaugh and Swords, and industrial premises in Belfast, Dundalk - including the old Xerox complex - Galway, Navan and Tralee.
It also outlined plans to buy properties in England and Scotland.
"We have a number of other transactions under consideration at this time and are hopeful of further announcements later this year," Carl McCann, chairman of Fyffes and Blackrock, said yesterday.
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