Blackrock International Land which was spun out of Fyffes has today announced that it has entered into a joint venture with Applecross Properties and Esk Properties acquire 300 acres of agricultural land outside Edinburgh.
Blackrock and Applecross/Esk will contribute €3.5 million each toward the initial outlay of €7 million, the company said.
The seller of the land will be entitled to receive additional payments over time, equal to 50 per cent of the open market value of any lands for which detailed planning consents are received.
Managing director Robert Knox said: "The property market remains strong in Scotland. The residential market has recovered after a slowdown in 2005 and we see further opportunities to develop our business there over time."