Blackrock Intl Share Discussion Threads

[gateside] 16/5/2007 07:33

Joint venture in €205 million London office development

Blackrock International Land plc is pleased to announce that it has formed a
joint venture company with Cornerstone Capital Management Limited, the Dublin
based property investment and management company, to acquire and develop three
prime sites in the City of London. When completed, the three new office
buildings will comprise more than 165,000 square feet of net lettable space.

Blackrock is investing €25 million for a 37.5% stake in the joint venture that
has acquired three high-profile development sites close to the Bank of England
in London on which it intends to commence immediate construction of three Grade
A office buildings. The total project expenditure is expected to be
approximately €205 million. The original announcement of this investment on 18
January 2007 included only outline particulars of the transaction as all the
related negotiations and legal formalities had not been completed at that time.

The details regarding the three properties are as follows:

Firstly, 1 King's Arms Yard, London, will consist of a seven storey office
building constructed to Grade A specification comprising approximately 56,000
square feet. Demolition works are completed and construction is under way.
Completion is expected in autumn 2008.

Secondly, 29 - 33 King Street, London, will comprise a seven storey office
building constructed to Grade A specification totalling approximately 33,000
square feet. The building contract is currently being finalised and demolition
works are expected to commence shortly. Completion is expected in early 2009.

Finally, 1 Bartholomew Lane, London, will comprise a ten storey office building
constructed to Grade A specification totalling approximately 76,500 square feet.
Preparatory works have already started and demolition works are about to
commence. Construction will get underway by year-end and completion is expected
in late 2009.

The advisors to the joint venture report that the office market in the City of
London continues to show strong rental growth, led by shortages in supply.
Total available space is currently estimated at c. 5.4 million square feet. The
vacancy rate has fallen consistently from a peak of c. 15% in 2003 to current
levels of c. 4%. Take-up in 2006 reached 6.3 million square feet, compared with
the 10-year average of 4.9 million square feet. Demand is dominated by interest
from the financial and professional sectors, driven by expansion. Prime
headline rents in the City are currently running at £59.50 - £62.50 per square
foot, although there have been a number of transactions in excess of these
figures. With the limited supply of grade A vacancies, upward pressure on rents
continues. Headline rents are estimated to have grown by 20% in 2006, with a
further rise of 6 - 7% during the first quarter of 2007. Analysts are
forecasting further strong growth rates for the next three years.

The pipeline of speculative office developments in the City is currently
limited, with space coming to the market over the next two - five years expected
to average only 1.9 million square feet per annum compared to the 10-year
average take-up of 4.9 million square feet.

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

'We are pleased to have formed this joint venture with Cornerstone to develop
three new first class office buildings in the City of London which due to their
size and location will attract strong occupational demand. The London office
market is very strong at present, with low vacancy levels and rentals showing
significant growth'

Blackrock International Land plc
16 May 2007

[gateside] 01/5/2007 06:31

Blackrock's joint Scottish venture
Tuesday May 1st 2007

BLACKROCK International, the property company that was spun off from Fyffes last year, has formed a new 50/50 joint venture to develop an 8.8-acre site in Edinburgh which has a gross development value of over £80m (€117.6m).

Blackrock, in which Fyffes continues to have a 40pc stake, and Scottish developer Applecross have established a new company which is purchasing the former Edinburgh Fruit Market and a number of adjacent properties from Blackrock for £18.5m.

The fruit market premises had been occupied by Total Produce, another Fyffes spin-off, until three months ago.

It has outline planning permission for 400 apartments.

A detailed application will be filed shortly, with construction expected to start early next year. The deal sees Blackrock making an initial profit of £1.5m.

With bank borrowings funding 70pc of the site purchase cost, Blackrock will be able to release £15.7m of equity.

"The residential market in Scotland is strong at present, having recovered from a weak phase in 2005," said Carl McCann, the chairman of Blackrock.

"We expect this project to generate attractive returns on our investment over the next three to four years."

This is Blackrock's second joint venture with Applecross.

Both agreed earlier this year to acquire BBC Scotland's 5.3-acre former broadcasting premises in Glasgow for £18m.

It is expected to have a gross development value of over £60m.

[gateside] 30/4/2007 06:29

€117.6 million joint venture development in Edinburgh


Blackrock International Land is pleased to announce that it has formed a new 50:
50 joint venture with Applecross Properties Limited to develop its 8.82 acre
site at Chesser Avenue, Edinburgh. It is anticipated that the project will
have a gross development value in excess of £80 million (€117.6 million).

Blackrock and Applecross have established a new entity which has entered into an
unconditional contract to purchase the former Edinburgh Fruit Market and a
number of adjacent properties from Blackrock for £18.5 million (€27 million).,
thereby realising an initial profit of £1.5 million (€2.2 million). Completion
is to take place not later than mid-December 2007. It is intended that 70% of
the purchase consideration will be funded by bank borrowings. As a consequence,
Blackrock will release equity of £15.7 million (€23.1 million) leaving a net
investment in the joint venture of £2.8 million (€4.1 million).

The Edinburgh Fruit Market premises were vacated in February of this year
following the relocation of Total Produce plc to its new depot at Sighthill.
The adjacent properties had been acquired separately over several years. The
development site is one of the last major residential development opportunities
within the area, in close proximity to the west end of Edinburgh city.
Benefitting from excellent transport links, the surrounding area has seen
considerable growth over recent years with a mix of uses including residential,
retail, leisure and offices.

Outline planning consent has already been obtained for more than 400 apartments
on the site and a detailed planning application will be submitted shortly.
With construction expected to start in early 2008, the full project is
anticipated to have a gross development value in excess of £80 million (€117.6
million).

Applecross, a highly experienced and successful developer in Scotland, will
manage the project.

Blackrock and Applecross have already established a joint venture to acquire BBC
Scotland's 5.3 acre former broadcasting premises in Glasgow's west end for £18
million (€27 million). A mixed residential, hotel and leisure development, this
project is anticipated to have a gross development value in excess of £60
million (€90 million).

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

'We are pleased to have concluded this new joint venture with Applecross, the
leading developer of high-end apartments in Edinburgh. The residential market
in Scotland is strong at present, having recovered from a weak phase in 2005.
Market commentators anticipate significant growth in the current year. We
expect this project to generate attractive returns on our investment over the
next three to four years.'

[gateside] 24/4/2007 13:37

Goodbody shaves 14pc off Blackrock value

Tuesday April 24th 2007

GOODBODY stockbrokers has shaved 14pc off its price target for Blackrock's stock after the company's management guided that it could take up to seven years to realise the full potential of five key development sites.

Cutting its share price target to 54c from 63c, the broker said it had previously expected that the development work would be completed within three years.

Blackrock was spun off by Fyffes last year, but the fruit company continues to hold a 40pc stake.

Blackrock's portfolio of five development assets are valued at €105m, but they could be worth about €229m if redeveloped, according to Goodbody analyst Dan Cavanagh.

The development assets include: the 1.6-acre site on Beresford Street where Fyffes is headquartered; the former Gateway complex on 23 acres in Clonshaugh, Dublin 17; two sites in Swords, one on 32 acres, the other on 17 acres; and 105 acres near Edinburgh, in Scotland.

Values

"In estimating these values, we have taken recent deals in similar properties and discounted the recorded transaction by approximately 50c to reflect the probability of Blackrock obtaining the appropriate planning permission for development," said Mr Cavanagh.

Factoring borrowing costs of 8pc into the equation, Cavanagh said that the net development value would be around €184m, or 31c a share.

Having inherited 30 properties from Fyffes last year, Blackrock has spent €182m on acquiring 23 additional properties. Some €124m, or 68pc, of the amount was spent on investment properties, which have a blended yield of 6.5pc.

Goodbody has pencilled in a net asset value of €135m for Blackrock's investment portfolio.

The broker continues to have an 'add' rating in the stock which is listed on the IEX junior market in Dublin and AIM in London.

[grahamg8] 31/3/2007 09:46

Bigbren my calc came to 75c so we are pretty much in agreement. BLK have bought an amazing amount of property in a short time with very little cash in the pot. I'd like to see some news on realising profits on their existing ex Fyffes portfolio. Tenants vacating, planning permission, JV or sale as development projects. This is when the true value is going to become more visible.

[gateside] 22/2/2007 08:07

The Irish Independent suggests that speculation is mounting over a possible takeover battle looming at Blackrock International Land

[bigbren] 15/2/2007 11:03

Hopefully, think it's well undervalued should be at least 0.75 - 1.00
what do you reckon yourself ? ambitious over the next 5 years will bring it well
up if they keep performing the profits that they did for 8 months

[gateside] 15/2/2007 10:32

bigbren... maybe a broker upgrade in the coming days, will wake people up to the excellent potential that Blackrock International Land has.

[bigbren] 15/2/2007 09:25

Gateshead, Nice set of results for 8 months, and still no trading
pity that nobody is taking any notice

[bigbren] 13/2/2007 14:59

Gateshead, hopefully the prelims will be good enough for people to take notice
and start buying a few, believe that this share can rise with decent RNS

[gateside] 09/2/2007 16:10

Blackrock International Land plc announces that it will release its preliminary
results for the year ended 31 December 2006 on Thursday, 15th February 2007.

[gateside] 24/1/2007 14:31

Blackrock JV to develop BBC Glasgow site


Blackrock International Land plc is pleased to announce that its 50:50 joint
venture with Applecross Properties Limited / Esk Properties Limited has
exchanged contracts with BBC Scotland for the Euro27 million (Stg. #18 million)
purchase of its 5.3 acre former broadcasting premises in Glasgow's west end.

As reported with the company's interim results, the BBC announced in August 2006
that, following a detailed appraisal process, it had selected the joint venture
partnership of Blackrock and Applecross / Esk as the preferred purchaser of its
buildings and land on 5.3 acres in Queen Margaret Drive, Glasgow. Contracts
have now been exchanged with the BBC for a consideration of Euro27 million (Stg.
#18 million), conditional on receipt of satisfactory planning. A planning
application based on the approved proposal will shortly be lodged with the local
authority, with a decision expected in late 2007.

Applecross is one of Scotland's leading residential developers while its
associate, Esk, is engaged primarily in retail, hotel, leisure, office and mixed
use development.

It is intended that the majority of the site will be developed for high quality
residential units. Subject to the necessary consents, the listed buildings on
the site will be converted to a hotel and leisure complex.

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

"We are pleased to have established this joint venture with Applecross and Esk
and to have secured this prestigious development opportunity for one of the best
sites in Glasgow. This transaction will increase our involvement in the
Scottish property market where we already have significant investments

[gateside] 20/1/2007 13:29

Blackrock pays €25m
Friday January 19th 2007

PROPERTY group Blackrock International has spent another €25m to acquire development properties in London to take its total spend to €174m.

Analysts said the company, spun off from fruit group Fyffes last year, looks keen to continue the deal momentum shown in the back end of 2006.

Whilst details are still to be finalised, the company announced a €25m joint venture to acquire a number of ¨attractive development properties¨ in London.

News of the acquisition saw shares in the group trade up marginally on the Dublin market, before they eased to finish unchanged on the day.

Since de-merger, Blackrock has invested €174m and is closing in on the €200m which it said it would spend over the course of this year and next.

Goodbody analyst Philip O' Sullivan said "it would appear that Blackrock is finding more properties that meet their investment criteria than initially anticipated and are seizing the opportunities to acquire. "

With the completion of this transaction, Blackrock's UK assets represent 39pc of its overall portfolio compared to the 43pc of assets held in Ireland.

[hartlepoolfc2] 15/1/2007 20:41

Does anyone have the forthcoming results date and any forecasts please. Looks good just trying to put a value on this.

[gateside] 12/1/2007 14:50

Onwards and Upwards!

:-)

[gateside] 19/12/2006 14:52

Blackrock International Land PLC
18 December 2006

Stock Exchange Announcement

Offices purchase takes investment over Euro140 million


Blackrock International Land plc is pleased to announce that it has acquired a
portfolio of six office buildings in The Netherlands for a total consideration,
including costs, of Euro46.5 million.


Located in several large Dutch cities, including The Hague, Nijmegen, Tilburg
and Maastricht, the properties comprise a total of 24,270 sq metres (261,250 sq
ft). More than 85% let, the portfolio generates annual rent, net of landlord's
costs, of Euro2.675 million, giving a net initial yield of 5.75%. Assuming full
occupancy and allowing for standard indexation of rents, this yield is expected
to rise to 7.5% by year five.


The purchase takes Blackrock's total investment since its listing in May this
year to Euro142 million, bringing its gross property assets to almost Euro340 million,
an increase of more than 70%.


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


"This attractive office portfolio in the Netherlands, a location already well
known to us, fits well into our existing asset base. We continue to seek other
opportunities to diversify geographically and to achieve an appropriate balance
between our investment and development properties."

[gateside] 02/12/2006 09:53

Thanks for the articles charlie.

Fyffes have their EGM on 5th December... so it will be interesting to see what develops next week.

[charlie11908] 02/12/2006 09:24

One punter observed, looking down his list of property assets
yesterday at lunch in Nesbitts, that the portfolio could fetch
in excess of 800 million euros, or 1.60 Euros a share!!!!

That he and a couple of other well known gamblers picked
up the phone when they were done....did'nt surprise me!!!!

Caveat Emptor!!!!!

[charlie11908] 01/12/2006 09:13

Blackrock International (Add, Closing Price €0.45); Shares changing hands
Analyst: Philip O'Sullivan T [phone] E philip.d.o'[e-mail]
Following on from recent press reports of a mystery property developer accumulating a stake in Blackrock, with the possible intention
of making a bid for the company, trading volumes in the shares have been well above average. However, an announcement of a rearrangement
of the McCann family holdings, between different trust companies, can explain approximately half of yesterday's trading
volume. Whilst there is increased interest in the company revolving around the Smithfield assets, we still believe a hostile bid for the
company would be difficult to achieve.

[gateside] 30/11/2006 20:28

:-)



The Irish Independent reports that an Irish property developer has built up a stake in Blackrock International with a view to making a bid for the company.....