Blackrock Intl Share Discussion Threads

[a shot in the dark] 30/3/2011 10:48

NAV now at 4.5p - share price 2.25p. Huge discount to NAV and tenanted properties producing reasonable revenue returns. Most of lastyears drop in property prices were in the Irish sector. Europe and UK property values are starting to move forward. When the Irish banks can be underpinned by the EU the pressure on the asset values and financing of BMLs Irish portfolio should become easier. This must be the low point for BML and a return to a share value closer to NAV (as in most commerical property) should be expected here. (100% potential upside over time).

IMO - DYOR

[lbo] 02/3/2010 20:17

Blackrock's assets reduced by €90m last year







Blackrock International Land has said its group net assets declined by €89.8m during the year as property values fell and as investors and occupational demand also weakened.

It reported pre-tax losses of €105.4m for the year compared to losses of €78.8m in 2008, while operating losses fell to €70m from a figure of €55.9 the previous year.

The company said its net assets at the end of December 2009 stood at €0.1032 compared to €0.2571 at the end of 2008 and described the year as disappointing.

[lbo] 01/11/2009 10:52

ROGUE solicitor Michael Lynn sold his stake in listed property firm Blackrock International the day before his assets were frozen by the High court in October 2007.

[lbo] 03/9/2009 09:28

Blackrock skips writedowns to cut losses

[lbo] 25/6/2009 14:19

Fyffes' real-estate spin-off Blackrock International was a bananas idea

[lbo] 15/6/2009 23:13

Elysian: the final resting place of the boom
Ireland's tallest apartment block was to be the height of luxury. Now it's all but deserted

[lbo] 28/5/2009 11:05

Blackrock partner enters receivership

Thursday, 28th May 2009 08.28am

Applecross, a Scottish company that partnered with Blackrock International Land, has been placed in receivership. In a statement Blackrock said the move would have no adverse affects on its business.

Blackrock invested in five joint ventures in Scotland with Applecross Properties Limited between April 2007 and February 2009. These investments are held through stand-alone entities that were promoted and managed by Applecross.

In the statement Blackrock said notified by Applecross that it was placed in receivership last Friday.

The Irish firm said it will review the affected joint ventures with the receiver as soon as practicable with a view to agreeing a future strategy in relation to each of them.

Blackrock said some of the joint ventures had already been impacted by property downturn and that adequate provision was made in the financial statements against all eventualities with the joint ventures

[lbo] 05/2/2009 12:40

Irish commercial property capital values tumbled in Q4 2008 - down -37.2% in 2008; More than 5 years of UK growth eroded in 18 months

[lbo] 03/2/2009 22:51

Dublin's Prospects Deter European Property Investors

[gateside] 05/6/2008 07:38

Blackrock making steady progress in 2008



Despite the changed market conditions in the property sector since the latter part of 2007,
Blackrock International Land plc has continued
to advance its strategic objective to build a substantial international property business with
a clear focus on development opportunities
supported by a strong investment portfolio.

During the year to date, the company has made progress in adding value on several of its
significant development properties. On the
investment front, it has continued to explore a substantial number of opportunities but has
not concluded any significant transactions so
far in 2008.

In relation to the outlook for 2008, the company benefits from a robust portfolio that is
well diversified geographically and by sector.As such, it is well positioned in terms of the current market environment. While the values of
certain of its investment properties have
seen some decline, progress has also been achieved on the development side of the business.

Pending formal valuations at the end of June by its external valuers, and excluding the
impact of the strengthening of the euro against
sterling, Blackrock is targeting an unchanged net asset value per share at the half-year. The
impact of sterling translation at the current
exchange rate would be a reduction of slightly over half a cent per share. It seems prudent
at this stage not to assume any growth in net
asset value per share for the full year.

While it is disappointing that the work being undertaken to develop the company's
portfolio has not yet been reflected in an overall
increase in values, the board believes that its continuing efforts will deliver benefits for
shareholders in due course.

[gateside] 04/2/2008 15:12

Blackrock in consortium for city's revamp plan

By John Mulligan
Wednesday January 30 2008


A contract for a major regeneration project worth hundreds of millions of euro in Dublin's inner city has been awarded to a consortium that includes Fyffes spin-off Blackrock International Land and two high-profile construction families.


The Markets Regeneration Consortium also includes the Linders and Kelly families, both of whom have already been responsible for the massive redevelopment of the Smithfield area in the capital.

The announcement came as Blackrock International said that its profit last year fell to €11.36m from €13.94m in 2006.

The value of the company's reported net assets increased 4.2pc during 2007, over €230m.

The company's total investment expenditure in the period was €140.7m. Among its acquisitions in 2007 were properties in Ireland, Belgium, The Netherlands and Britain.

However, the company warned in a statement that it "seems prudent" not to assume any significant net asset growth in the first half of 2008 "at this stage". The commercial property market in the UK has been badly hit in recent months, while UBS cautioned on Monday that Irish commercial property could be overvalued by as much as 30pc.

Blackrock's consortium was named by Dublin City Council as the preferred bidder for the redevelopment of the market area, which comprises three acres on Dublin's northside.

Blackrock Land also owns additional land in the area. It has a 50pc stake in the venture, with the Kellys and Linders owning the remainder.

Plans for the site include a new open-air plaza surrounded by a covered food market, restaurants, bars, retail and office space, as well as residential accommodation and a community centre.

Markets Regeneration Consortium said it will shortly begin consultations with Dublin City Council on the project, the construction of which is likely to take several years.

As part of the scheme, Dublin City Council has previously said that it wants to see the Liffey boardwalk extended past the Four Courts, which is located at the front of the regeneration area.

A new fish market hall is also to be constructed as well as a number of workshops and office space. A fruit and vegetable market is to form the centrepiece of the new market square, while 20pc of the space will be reserved for existing fruit and vegetable wholesale activities.

[eircomnet] 20/8/2007 09:52

Surely America would be a good land buying opportunity at the moment.

[gateside] 02/8/2007 07:10

Blackrock makes Euro4.8m disposal in The Netherlands


Blackrock International Land plc is pleased to announce that it has agreed to
sell two office buildings in Nijmegen in The Netherlands for a total
consideration, net of costs, of Euro4.8 million, thereby realising a net profit
after tax of approximately Euro380,000.

The properties being sold are operated as multi-tenanted serviced offices and
are part of a larger portfolio of office buildings acquired by Blackrock in The
Netherlands in December 2006 for Euro46.5 million. An attractive offer was received
for the buildings from Renpart Vastgoed Group, a Dutch property investment
company specialising in this type of asset.

Commenting on the transaction, Blackrock Chairman, Carl McCann said:

"We are pleased to have concluded this profitable disposal of two
properties in our Dutch investment portfolio within a short period of
their acquisition. We continue to pursue opportunities to increase
our assets in line with our previously stated objectives."

[gateside] 25/7/2007 08:12

O'Flynn builds up stake in Blackrock

By Joe Brennan
Tuesday July 24 2007


CORK-based O'Flynn Construction, headed by brothers Michael and John O'Flynn, has declared a 9.2pc holding in Fyffes' listed property spin-off Blackrock International Land

Blackrock, in which Fyffes continues to hold a 40pc stake, was listed on Dublin's IEX and London's Alternative Investment Market in May of last year.

It was not immediately clear yesterday evening when the Cork group began building up its shares.

The stake is currently worth €28.4m, based on Blackrock's market capitalisation of €309.1m.

It is understood the Cork group has indicated to Blackrock that its stake is merely an investment, rather than a prelude to corporate activity.

Last year, O'Flynn lured top stockbroker Brian Delaney from Goodbody Stockbrokers to take charge of identifying and implementing strategic development and growth opportunities for the company.

Delaney had been with Goodbody for 18 years, where he was heavily involved in the stockbroker's joint property venture with O'Flynn Construction, Tiger Developments.

Shares in Blackrock ended the session unchanged at 53c in Dublin yesterday.

[gateside] 19/7/2007 11:41

Share price is looking a bit more perky

:-)

[gateside] 05/7/2007 07:04

Blackrock International Land "add"

Wednesday, July 04, 2007 9:53:30 AM ET
Goodbody Stockbrokers

LONDON, July 4 (newratings.com) - Analyst Dan Cavanagh of Goodbody Stockbrokers maintains his "add" rating on Blackrock International Land (ticker: BLK).

In a research note published this morning, the analyst mentions that Blackrock International Land has acquired an office and warehouse complex for a total consideration of €12 million in Milton Keynes, bringing its total investments in FY07 to €90 million. The complex consists of two separate buildings, and the aggregate rental yield obtained from the letting out of these two buildings to separate entities is 6.85%, the analyst says. Blackrock International Land has identified around 1.2 acres from the acquired land for further development, Goodbody Stockbrokers adds.

[gateside] 04/7/2007 07:14

€12.25 million warehouse and office investment in UK

Blackrock International Land plc is pleased to announce that it has exchanged
contracts to purchase an office and warehouse facility in Milton Keynes in the
UK for a total outlay, including costs, of €12.25 million (Stg. £ 8.3 million).

The facility comprises two separate buildings on a 6 acre site strategically
located just north east of Milton Keynes, adjacent to the M1 Motorway, with easy access to the M6, M25 and M40.

The warehouse building of 65,300 square feet, including 2,700 square feet of
offices, is let to a major UK furniture retailer on a full repairing and
insuring (FRI) lease, expiring in 2016. The office building of 24,200 square
feet, together with 155 car parking spaces, is let to an international motor
manufacturer on an FRI lease expiring in 2008 which the tenant is seeking to
extend. The site includes 1.2 acres of additional lands suitable for future
development. The current passing rent reflects a net initial yield of 6.85%.

Milton Keynes is among the fastest growing cities in Europe. Strategically
located midway between the UK's two largest cities, London and Birmingham,
demand for both office and warehouse accommodation in its environs is strong.
This investment will benefit from active management in the short term while the
additional lands represent an attractive longer-term development opportunity.


Commenting on the transaction, Blackrock Chairman, Carl McCann said:

'This purchase extends the scope of our activities in Milton Keynes,
where we see the potential for substantial growth. Already generating a strong
rental return, the property also has development potential. This acquisition
takes our total investment expenditure to date in 2007 to more than €76 million
and our gross property assets to €442 million.'

[gateside] 07/6/2007 07:39

Blackrock International "add"

Wednesday, June 06, 2007 4:20:04 AM ET
Goodbody Stockbrokers

LONDON, June 6 (newratings.com) - Analysts at Goodbody Stockbrokers maintain their "add" rating on Blackrock International Land (BLK.NYS).

In a research note published this morning, the analysts mention that the company has undertaken five investment transactions worth €75 million. These transactions are expected to increase the portfolio value to approximately €430 million, the analysts say. BlackRock International's NAV growth is expected to fall to 7% in FY09, from 9.5% in FY07, Goodbody Stockbrokers adds.

[gateside] 07/6/2007 07:39

Blackrock International "add"

Wednesday, June 06, 2007 4:20:04 AM ET
Goodbody Stockbrokers

LONDON, June 6 (newratings.com) - Analysts at Goodbody Stockbrokers maintain their "add" rating on Blackrock International Land (BLK.NYS).

In a research note published this morning, the analysts mention that the company has undertaken five investment transactions worth €75 million. These transactions are expected to increase the portfolio value to approximately €430 million, the analysts say. BlackRock International's NAV growth is expected to fall to 7% in FY09, from 9.5% in FY07, Goodbody Stockbrokers adds.

[gateside] 07/6/2007 07:39

Blackrock International "add"

Wednesday, June 06, 2007 4:20:04 AM ET
Goodbody Stockbrokers

LONDON, June 6 (newratings.com) - Analysts at Goodbody Stockbrokers maintain their "add" rating on Blackrock International Land (BLK.NYS).

In a research note published this morning, the analysts mention that the company has undertaken five investment transactions worth €75 million. These transactions are expected to increase the portfolio value to approximately €430 million, the analysts say. BlackRock International's NAV growth is expected to fall to 7% in FY09, from 9.5% in FY07, Goodbody Stockbrokers adds.