Blackrock International land has joined with house-builder Applecross Properties and mixed-use developer Esk Properties to buy a 300-acre site to the south of Edinburgh.
The 50/50 joint venture is paying an initial sum of €7m (£4.9m) between them for the agricultural land.
The vendor will also get further payments over time equal to 50% of the open market value on any part of the land where detailed planning permission is received.
Future developments <br>The joint venture sees the land, six miles south of the city, as an opportunity for a number of future developments as the Scottish capital expands.
‘The property market remains strong in Scotland,’ said Blackrock’s managing director Robert Knox. ‘The residential market has recovered after a slowdown in 2005 and we see further opportunities to develop our business there over time’.
Projects <br>The joint venture has previously worked together on two other projects in Scotland.
The first was buying BBC Scotland’s former 5.3-acre broadcasting centre in Glasgow’s West End for €27m (£18.8m) which is being developed as a mixed-use hotel and leisure scheme.
It has also bought the former Edinburgh Fruitmarket on 8.82 acres for €27.8m (19.4m) which it will redevelop into 400 apartments.