Blackrock International Land has acquired the 15-acre campus of Jewel and Esk Valley College in Edinburgh for £24.2 million.
The land is being jointly purchased by Blackrock, the property spin-off from Fyffes, and Scottish real estate group Applecross Properties.
Blackrock said an initial payment of £10 million will be made on November 7th, while the balance will be payable in October 2008, or on the provision of vacant possession by the vendor - whichever is later.
Blackrock said its equity contribution is expected to be less than £4 million.
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Blackrock said outline planning consent has been granted for a residential development of 140 high-quality executive houses on the site.