Blackrock International Land's 50:50 joint venture with Applecross Properties Ltd/Esk Properties Ltd will buy the 5.3 acre former broadcasting premises at Glasgow from BBC Scotland for €27 million.
The majority of the site will be developed for high quality residential units, the company said in a statement. And subject to the necessary consents, the listed buildings on the site will be converted to a hotel and leisure complex.
A planning application will be lodged with the local authority and a decision is expected in late 2007.
"This transaction will increase our involvement in the Scottish property market where we already have significant investments", Blackrock chairman Carl McCann said.