Fyffes spinoffs Total Produce and Blackrock have formed a joint venture to acquire 135 acres of land in north Co Dublin for €25 million.
The land is at The Ward, close to the new section of the N2 road, which links the M50 interchange at Finglas to Ashbourne.
More than 36 acres of the lands are zoned for agri-business use, 20 acres of which will house new facilities for Total Produce and replace its existing premises in central Dublin.
Total Produce has an option to acquire these 20 acres at cost within the next 10 years.
The remaining 99 acres are, according to the companies "well placed to take advantage of the significant development expected to take place in this area of north Dublin over the next few years."
Total Produce's share of the acquisition cost is €12.5 million. Three representatives from each company have been appointed to the board of the joint venture company.
The vendors of the lands are subsidiaries of Balkan Investment Company, a company controlled by Neil McCann that owns 10.6 per cent of the share capital of Total Produce and 6.38 per cent of the share capital of Blackrock.
The joint venture agreement and the agreements for the purchase of the lands have been negotiated "at arm's length", a statement added.