Blackrock International Land and Total Produce, both spin-off companies of fruit company Fyffes, have announced a joint venture to acquire 135 acres of land in Dublin.

The land is located at The Ward in north Dublin, close to the new N2 motorway which links the M50 interchange at Finglas to Ashbourne. The total outlay will cost 25 million euros.

The acquisition includes 20 acres which have been targeted for the initial development of new facilities for Total Produce, and replacement premises for its existing operations in central Dublin.

A further 99 acres, which also adjoin Blackrock’s 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.

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Blackrock say the purchase will give the company a direct or indirect interest in a rapidly developing area of the city, which includes the construction of a major new road network, the new N2 motorway, and where further extensive transport infrastructure projects are underway or planned.

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.

It should also accelerate the release of Blackrock’s valuable redevelopment properties in Dublin.

Rory Byrne, Chief Executive for Total Produce, said: “This strategic landholding is ideally located, close to all the main distribution routes that serve both Dublin and the rest of Ireland.

It also gives the company the opportunity to participate in and benefit from the significant future development anticipated in the north Dublin area. We are delighted to be forming this joint venture with Blackrock which has extensive experience in property development and, in particular, in building facilities specific to the fresh produce business.”

(LC/SP)