Purchase Of Development Land

RNS Number : 2926R

Cairn Homes plc

26 June 2015

 

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, SWITZERLAND, JAPAN OR SOUTH AFRICA

 26 June 2015

CAIRN HOMES PLC ANNOUNCES PURCHASE OF SITES

Cairn Homes p.l.c. (LSE: CRN), ("Cairn Homes" or "the Company"), the Irish homebuilder, announces the purchase of three plots of development land for new homes.

The Company has acquired two sites of residential development land in Carrickmines, with a combined area of 9.1 acres for a purchase price of €20.7 million. The Carrickmines sites are located on Brennanstown Road, South Dublin. The Company has also exchanged contracts for 8.11 acres of land at Marianella, Orwell Road, in Rathgar, South Dublin, for €43 million, subject to approval by the Vatican and the Irish Charities Commission.

Acquiring the two Carrickmine sites at the same time will allow the Company to lodge a revised planning application for approximately 160 residential units, which will include up to 60-70 houses.

The Marianella site has planning permission for 211 residential units comprising 12 five bedroom houses, 6 four bedroom duplexes and 193 one, two & three bedroom apartments. The estimated construction start date is Q1 2016.

Commenting on the acquisitions, Michael Stanley, Cairn Homes Co-founder and Chief Executive, said:

"We are delighted to announce the acquisition of these unique sites on the South side of Dublin, the first since our recent IPO. We look forward to adding to our pipeline over the coming months, as part of our strategy to deliver high quality homes, in major urban centres, with a particular focus on the greater Dublin area, where we believe the greatest demand exists".

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FOR FURTHER DETAILS CONTACT:

Hume Brophy (PR)                                                                                                  

London                                                                                                                                  [phone]

Mary Clark

Supriya Mathur

Dublin                                                                                                                                     [phone]

Maria Cryan

Edel Bach

IMPORTANT NOTICES

This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

In addition, the Ordinary Shares referred to herein have not been and will not be registered under the applicable securities laws of any state, province or territory of Australia, Canada, Switzerland, Japan or South Africa. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada, Switzerland, Japan or South Africa.

The distribution or publication of this announcement, any related documents, and the offer, sale and/or issue of the Ordinary Shares in certain jurisdictions may be restricted by law. No action has been taken to permit possession or distribution or publication of this announcement, other than in Ireland and the United Kingdom. Persons into whose possession this announcement (or any other offer or publicity material relating to the Ordinary Shares) comes are required to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdiction.

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.

 

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