Irish listed property company Blackrock International Land has reported pre-tax profits of EUR 13.9 mln for the period since it was spun off from fruit distributor Fyffes in May 2006. Its property assets grew by 87% over the same period. Carl McCann, Blackrock's chairman, said the company is targeting EUR 200 in investment expenditure in the next one to two years and gross net property assets of EUR 1 bn in the next four to five years.
Irish listed property company Blackrock International Land has reported pre-tax profits of EUR 13.9 mln for the period since it was spun off from fruit distributor Fyffes in May 2006. Its property assets grew by 87% over the same period. Carl McCann, Blackrock's chairman, said the company is targeting EUR 200 in investment expenditure in the next one to two years and gross net property assets of EUR 1 bn in the next four to five years.
Blackrock acquired an initial portfolio of 30 properties, comprising mainly industrial and commercial land and buildings, in Ireland and the UK from Fyffes. Fourteen of the properties are occupied by Fyffes on short and medium term leases at market rents, while the remaining properties are either leased to third parties or are unoccupied. Blackrock made aggregate investments of EUR 181 mln from May 2006 to February 2007 in Ireland, the UK and in other European countries.
'Blackrock's activities have focused on the acquisition of further properties to increase the size of the portfolio, to achieve a balance between investment and development assets,' McCann said.
