Announcement of Joint Venture with NAMA

RNS Number : 4847X

Cairn Homes plc

22 February 2017

 

Cairn Homes plc

                                            Announcement of Joint Venture with NAMA                                           

Dublin/London, 22 February 2017: Cairn Homes plc ("Cairn Homes", or the "Company") (LSE:CRN), announces that it is has completed an investment agreement in which the National Asset Management Agency ("NAMA") has a minority interest, to form a joint venture to build 71 residential units on a site adjoining its Parkside development, off the Malahide Road, in North Dublin. Construction is due to commence on this site immediately.  The development, which will be completed this year, will have an estimated gross sales value of €25 million, of which €18.1 million, representing 52 units, has already been secured through strong pre-sales in January and February 2017.

Michael Stanley, CEO of Cairn Homes plc said: "We are pleased to announce this joint venture with NAMA which is in line with our strategy of building quality new homes on attractive sites in the Greater Dublin Area. This alternative operating model is a new departure for the Company which we hope will offer us further opportunities in the future. The strong level of pre-sales we have seen demonstrates the pent up market demand for well built, new homes in good locations."        

The Company's full year results for the year ended 31 December 2016 will be released on 9 March 2017.

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 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. The Company is active on seven sites which will deliver 2,700 units.

Parkside is a market leading residential development, off the Malahide Road, in North Dublin which launched in September 2015 and will now deliver in excess of 500 new homes. 

www.cairnhomes.com     

 

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