Property investor Blackrock International Land has bought an industrial building for €7.8 million and completed a €25 million sale in Edinburgh. Barry O'Halloranreports.

The listed company said yesterday that it has bought a modern industrial building in Clonshaugh Business and Technology Park, close to the old Gateway Ireland premises, from State agency IDA Ireland. Blackrock said the deal cost it a total of €7.8 million.

The company predicted yesterday that Clonshaugh was set to see significant growth in the near future, and pointed out that various developments in the area would create new opportunities.

The technology park is close to the Dublin-Belfast motorway, the airport and Dublin Port Tunnel.

The group also revealed yesterday that the sale of the former Edinburgh fruit market to a 50/50 joint venture with local player Applecross Properties for €25.7 million had gone through.

In a statement, Blackrock said that it had received the €20.8 million proceeds from the sale. The figure is net of its €4.9 million contribution to the joint venture.

Blackrock managing director Robert Knox indicated that the cash would be used to continue investing in property.

Mr Knox said that the proceeds would be available to the group to enable it to "further our medium- term objectives", which include expanding its property holdings to a value of €1 billion by 2011.

The group also said that it had outline planning consent for the Edinburgh fruit market site. The first phase of construction is expected to begin in the second quarter of next year.