Acquisition of RTE Montrose Site

RNS Number : 9739H

Cairn Homes plc

13 June 2017

 

Cairn Homes plc

                                                             Acquisition of RTE Montrose Site                                                  

Dublin/London, 13 June 2017: Cairn Homes plc ("Cairn Homes", or the "Company") (LSE:CRN), announces that it has contracted with RTE, Ireland's national broadcaster, to acquire 8.64 acres of land at its Montrose campus in Donnybrook, Dublin 4. This is a prime site in a unique location which has strong potential for apartment development.

The total consideration for the purchase is €107.5 million. The completed development will consist of up to 500 apartments and 10 houses and the transaction is expected to close during July.

"Cairn is delighted to have acquired what we believe to be Dublin's most attractive residential development site" said Michael Stanley, Chief Executive. "Our design led approach, the quality of the homes we build and our economies of scale make this a truly exceptional opportunity for us. At Cairn, we believe in building exceptional homes in great locations and the Montrose site will significantly add to the new homes we will bring to the market over the coming years. We are currently undertaking major apartment developments at both Marianella, Rathgar and 6 Hanover Quay in Dublin city centre.

"We were very much encouraged by the support for our strategy through the success of our recent share placing. There was a clear recognition amongst investors of the benefits of a balanced portfolio and of the potential of building quality homes at price points across the market spectrum."

For more information, please contact:     

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Powerscourt                                                                                                    [phone]

Justin Griffiths

Jack Hickey

Drury Communications                                                                                    [phone]

Billy Murphy

Morwenna Rice                                                                                    

Notes to Editors

Cairn Homes plc is an Irish homebuilder with a highly experienced management team.  The Company is committed to constructing high quality new homes with an emphasis on design and innovation in attractive locations to meet sustainable market demand. Cairn has a land bank of 12,100 units, over 90% of which is located in the Greater Dublin Area (GDA). Currently, Cairn is active on eight sites in the GDA, which will deliver over 3,200 units.

www.cairnhomes.com     

 

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