Blackrock International Land, the property group spun off from Fyffes last year, is set to realise a profit of €380,000 on the disposal of two Dutch properties for €4.8 million.
The group has agreed to sell two office buildings in Nijmegen in the Netherlands to Dutch property investment company Renpart Vastgoed Group.
The disposal will be the first time that Blackrock has sold a property acquired since its initial public offering last May.
The buildings are multitenanted, serviced offices, and form part of a larger portfolio of office buildings acquired in December 2006 for €46.5 million.
"We are pleased to have concluded this profitable disposal . . . within a short period of their acquisition," chairman Carl McCann said yesterday. "We continue to pursue opportunities to increase our assets in line with our previously stated objectives."
At the time of its maiden results announcement in February, Blackrock said it was targeting further investment expenditure of €200 million over the next one to two years, and aimed to grow its gross property assets to €1 billion in four to five years.
The most recent addition to its portfolio was an office and warehouse facility in Milton Keynes in Britain, purchased last month for €12.25 million. It brought its property investments this year to more than €76 million and gross property assets to €442 million.
