Aim-listed developer Blackrock International Land has formed a 50:50 joint venture with Total Produce to develop a 135 acre site in Dublin.
The joint venture has agreed to buy the site, which is located at The Ward in north Dublin near the N2 motorway, for €25m (£17.4m).
It bought the land from a subsidiary company of Neil McCann’s Balkan Investment Company which owns 6.38% of the share capital of Blackrock and 10.6% of the share capital of Total Produce.
Around 36 acres of the site has been zoned for agricultural use and 20 acres will be redeveloped with facilities and new offices for fruit and vegetable wholesaler Total Produce. Under the joint venture agreement, Total Produce has an option to buy the 20 acres at cost, within 10 years from completion of the transaction.
Blackrock said the remaining 99 acres, which is next to its 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 managing director, Robert Knox, said: ‘This purchase gives Blackrock a direct or indirect interest in more than 255 acres in a rapidly developing part of Dublin. Substantial capital investment is also scheduled for the area in the near term, including the new prison facilities at Thornton Hall and a new terminal at Dublin airport.’