Blackrock International Land, the listed property vehicle spun off by Fyffes earlier this year, is spending €4.5 million on an office block in England.

The company said yesterday that it had agreed to purchase a building with 16,000 sq ft of office space in Milton Keynes, near London.

The offices are let with average unexpired terms of seven years and are currently generating a rent of €280,000 a year.

The company said in a statement yesterday that it was paying €4.5 million for the block.

Blackrock chairman Carl McCann said the company was considering several other purchases in Britain.

"We would anticipate further announcements this year," he said.

Shareholders voted to spin off Fyffes's property portfolio, which includes its offices and a number of other holdings, earlier this year.

Under the demerger terms, Fyffes took a 40 per cent stake in Blackrock in return for €83 million, while its shareholders got the remaining 60 per cent of the company.

The company split from Fyffes in May and took a separate listing on the Dublin's IEX market and London's Alternative Investment Market (AIM).

Since then it has invested €13.5 million in various investments, including development land in Edinburgh, and commercial property in Dublin.