Dublin and London-listed property investors Blackrock International Land, is buying an office block in the Dutch capital, Amsterdam for €25½ million.
The company said yesterday that it has agreed to buy the Vida Building in Amsterdam West, close to the city centre. The vendor was local owner, Idra.
The six-storey building is 90 per cent let and its tenants include media conglomerate, Time-Warner.
Blackrock expects a net yield on the investment of over 6 per cent by the end of next year, but said this should increase to 7 per cent in the short-term. The property company hopes to further develop part of the building's site, which totals 1.4 acres.
The floor space available for rent currently comes to over 9,520sq m (102,472sq ft).
Blackrock was spun off from quoted fruit importer Fyffes last year. It recently joined forces with another Fyffes spin-off, fruit distributor Total Produce, to buy 135 acres in Dublin from Fyffes shareholders, the McCann family for €25 million.
Blackrock said earlier this year that it intends to have €1 billion in assets by 2011. At the end of June, its net assets stood at €230 million.
