BLACKROCK International Land, the listed property firm spun out from fruit importers Fyffes, has sold an office development in Milton Keynes for €3.85 million.

According to the company, the €3.85 million price is considerably higher than the property’s valuation at last year-end. The 1,570 square metre office building is currently occupied by Royal Bank of Scotland under a lease that is due to expire in 2014.

The property was sold to a small British private property fund.

The sale is the Dublin-listed company’s second disposal this year. In March it sold its 3,700 square metre industrial facility at the Xerox Technology Park, Dundalk, to pharmaceutical company Galen, a subsidiary of Warner Chilcott.

Robert Knox, managing director of Blackrock International, said the disposal of the Milton Keynes property was completed “on very satisfactory terms”.

Blackrock International, whose share price and profits have been badly hit by the collapse in the property market, reported a loss of €105.39 million for 2009, down from the €78.86 million loss reported in 2008.

Announcing its 2009 results in March, the company said the value of its property assets in 2009 had declined by 28.4 per cent from €340.3 million to €243.8 million.

The change in value of its UK property assets included an increase of €5.6 million arising from the strengthening of sterling against the euro during the year, though this was offset by a net €6.6 million loss arising on the translation of sterling loans and cash and other movements.

Net rental income remained steady at €13.6 million, while finance costs declined 30 per cent to €7.3 million.

Blackrock International’s agm will take place on June 30th.