The land, at the Ward, is close to the new N2 motorway which links the M50 interchange at Finglas to Ashbourne.

Twenty of the 36 acres zoned for agri-business use have been targeted for the development of new facilities for Total Produce to replace their city centre premises.

The remaining 99 acres, which adjoin Blackrock's existing 120-acre holding at Corrstown, Co Dublin, are well-placed to take advantage of the significant development expected to take place in this area of north Dublin over the next few years.

Both companies have contributed 12.5m to the acquisition cost. Three representatives from each firm have been appointed to the board of the joint venture company, including Robert Knox, managing director of Blackrock, and Rory Byrne, chief executive of Total.

The vendors of the lands are subsidiaries of Balkan Investment Company, a firm controlled by Neil McCann, which owns 6.38% of the share capital of Blackrock and 10.6% of the share capital of Total.

"This purchase gives Blackrock a direct or indirect interest in more than 255 acres in a rapidly developing part of Dublin, " says Robert Knox.