Cairn Announces Sale of 229 Multifamily PRS Units

RNS Number : 4911Z

Cairn Homes plc

10 January 2020

 

Cairn Announces Sale of 229 Multifamily PRS Units in Lucan for €78.75 million

10 January 2020: Cairn Homes plc ("Cairn", or the "Company") (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces the forward sale of 229 private rental sector ("PRS") residential units in Lucan, Dublin 22 to a special purpose company managed by Carysfort Capital, and funded by Angelo Gordon, for a total cash consideration of €78.75 million including VAT. Carysfort Capital and Angelo Gordon also acquired our development at Six Hanover Quay in 2019.

The 229 new homes, comprising apartments, duplexes and houses, are being delivered on a phased basis until the end of 2020. Shackleton Park and the adjacent Gandon Park form part of Cairn's largest residential development undertaken to date comprising of over 1,100 new homes. The development is in an established suburban location where we have experienced consistently strong demand and is located c. 1km from Adamstown Train Station which provides direct access into Dublin City Centre. In a little over two years since our first completion, more than 500 individual homeowners and families have moved into their new homes at this development which will reopen shortly for the 2020 Spring selling season.

Additionally, the Company will issue a Trading Update for the year ended 31 December 2019 on 16 January 2020.

-ENDS-

For further information, contact:

Cairn Homes plc                                                                                                                                                                       [phone]

Michael Stanley, Co-Founder and CEO

Ian Cahill, Head of Finance

Declan Murray, Head of Investor Relations

Drury Communications                                                                                                                                                          [phone]

Billy Murphy

Louise Walsh                                                                     

Finsbury                                                                                                                                                                                     [phone]

Gordon Simpson

Charles O'Brien

Notes to Editors       

Cairn Homes plc ("Cairn") is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,400 unit land bank across 35 residential development sites, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on 15 sites in the GDA, which will deliver over 5,250 new homes.

 

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