Cairn Homes Announces New Term Loan Facility

RNS Number : 1288K

Cairn Homes plc

05 July 2017

 

5 July 2017

Cairn Homes plc

Cairn Homes plc Announces a New Site Specific Loan Facility Secured on RTÉ Montrose Site

Dublin/London, 05 July 2017: Cairn Homes plc ("Cairn", or the "Company") (LSE:CRN), the Irish homebuilding company, announces that it has agreed a new €50 million term loan facility (the "Facility") with Activate Capital.

The Facility, which has a two year term, will be solely secured by a charge over the RTÉ Montrose site.

"We are very pleased to welcome Activate Capital as a new and additional funding partner for our business" said Michael Stanley, Chief Executive. "This new Facility, on competitive terms, is ring-fenced on the RTÉ Montrose site which reflects the quality of the asset being acquired. It represents an evolution of our funding strategy and sits outside of our existing €200 million corporate debt facility with AIB and Ulster Bank."

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 which will increase to 12,600 units with the RTÉ Montrose site, 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 3,250 units.

 

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