EUR 101m Sale of City Centre Apartment Scheme

RNS Number : 8321S

Cairn Homes plc

28 June 2018

 

 

28 June 2018

Cairn Homes plc Sells Prime Dublin City Centre Apartment Development for €101 million

Dublin/London, 28 June 2018: Cairn Homes plc ("Cairn", or the "Company") (ISE:CRN, LSE:CRN), the Irish homebuilding company, today announces that, following a formal sales process announced on 6 March, it has agreed to sell its prime Dublin City Centre development at Six Hanover Quay to a special purpose company managed by Carysfort Capital, an Irish Real Estate Investment Manager, for a total cash consideration of €101 million including VAT (€89 million excluding VAT).

Six Hanover Quay, which comprises 120 apartments, a 5,000 sq. ft. restaurant and 1,400 sq. ft. café, is presently under construction and legal completion is scheduled for Q1 2019. This represents an average gross sales price of €800,000 for each of the apartments.

Michael Stanley, Chief Executive Officer and Co-Founder of Cairn, commented: "The sale of Six Hanover Quay in a single transaction is a tremendous outcome for our business which will deliver a strong return for our shareholders. Six Hanover Quay is a landmark building in the heart of Dublin City Centre's thriving new urban quarter."

"Three of the twelve sites we are building on today are apartment schemes in Dublin City. We plan to commence three further apartment developments in the next twelve months. The nature and extent of our ambitious apartment construction activities will make an important contribution to this city which suffers from a stark imbalance between office and apartment construction. Dublin needs places to live to match the quantum of places to work."

-ENDS-

For more information, please contact:     

Cairn Homes plc                                                                                                                               [phone]

Michael Stanley

Tim Kenny

Drury Porter Novelli                                                                                                                       [phone]
Billy Murphy

Morwenna Rice

Louise Walsh

Powerscourt                                                                                                                                      [phone]

Justin Griffiths

Nick Dibden

Jack Hickey

Notes to Editors

Cairn Homes plc is an Irish homebuilder committed to building high-quality sustainable homes in excellent locations and providing unparalleled customer service at each stage of the home-buying journey. Cairn's highly experienced management team has a clear vision of delivering innovative and thoughtfully designed homes which meet market demand and enhance communities by placing home owners at the very centre of the design process. The Company owns 34 residential development sites with capacity for over 14,100 new homes, over 90% of which are located in the Greater Dublin Area (GDA) with excellent public transport and infrastructure links. Cairn is today building on twelve sites in the GDA, which will deliver over 3,650 units.

 

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