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Our ambition is to grow our gross assets to €1 billion by 2011.
Management is focused on delivering increasing value for our stakeholders through innovative investment and development. Our core objective is to provide our shareholders with superior returns through outstanding performance.
Blackrock (International Land plc) was incorporated on 3 March, 2006.
It commenced operations on 11 May 2006 by acquiring the property undertaking of Fyffes plc, together with related debt due to Fyffes and ancillary net liabilities. Consideration for the transaction was settled by a one-for-one issue of Blackrock shares to Fyffes' shareholders. On 12 May 2006, Fyffes subscribed €83m cash for a 40% shareholding in Blackrock. Part of the proceeds was used to repay the debt due to Fyffes.
Blackrock shares were admitted to trading on the IEX and AIM stock exchanges on the 15th May 2006. On that date its balance sheet comprised properties valued at €197m, related deferred tax and other net liabilities of €10m and net cash of €20m.
The initial portfolio comprised investment properties generating substantive rental income and other properties with significant development potential.
Several of the properties continue to be occupied by Fyffes and Total Produce plc (which demerged from Fyffes in December 2006) under short-to-medium term arms length operational leases.
