Further Project Clear Asset Transfers ahead of AGM

RNS Number : 7215X

Cairn Homes plc

10 May 2016

 

Press release           

Cairn Homes Plc Announces Further Project Clear Asset Transfers ahead of AGM

Dublin/London, 10 May 2016: Cairn Homes Plc (LSE:CRN), ("the Company") the Irish homebuilder, today announces the transfer of four further sites in the Project Clear loan portfolio, acquired from Ulster Bank in December 2015, into its direct asset ownership.

These sites include:

·      A 71 acre residential development site at the South Ring Road in Naas, Co Kildare;

·      A 7.6 acre residential development site at Athgarvan Road, Newbridge, Co Kildare;

·      A 145 acre mixed use development site in Blessington, Co Wicklow; and

·      A 6.6 acre residential development site at Donabate, Co. Dublin.

The four sites have the combined potential to deliver in excess of 1,150 residential units.

The Company is on target to deliver on its stated aim of converting 90% of all Project Clear loans into direct site ownership by the end of 2016.

The Company is holding its AGM today at 11.00am at the Westbury Hotel, Grafton Street, Dublin 2. At the AGM, Cairn Homes CEO, Michael Stanley will make the following statement:

"Following our successful IPO in June last year, Cairn has experienced a transformative year of strategic acquisition and investment, delivering a strong pipeline of very well located development land.

In the past 12 months we have acquired a core land bank of 25 development sites with the combined capacity to deliver in excess of 11,000 homes.

Our business model moving forward is simple; our capital structure, strong governance and the experience of our team affords us the opportunity to make a long term commitment to home building in Ireland. Crucially this structure allows for close collaboration with other industry stakeholders in particular our growing sub-contractor base, our suppliers, design professionals, local authorities and regulators.

Our industry is regaining its feet and faces challenges, however I believe that Cairn's more sustainable approach to home building puts us and all of the companies we partner with, in an advantageous position, and will allow Cairn Homes to make a meaningful contribution to the very significant shortage of high quality and affordable new homes in Ireland.

We continue to scale our housebuilding operations toward our objective of delivering c 1,000 - 1,200 homes per year by 2019.

Sales at our Parkside site continue to progress well, with 70 houses sale agreed to date and 35 customers moved into their new homes.  In addition, the launch of Cairn's development at Albany last weekend was very well received by both customers and commentators."

-ENDS-

For more information please contact:      

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Hume Brophy                                                                                                   [phone]

Maria Cryan

Edel Bach  

Notes to Editors

Cairn Homes plc is a well-capitalised Irish homebuilder, with an experienced management team, who are clearly focused on being a significant contributor in the delivery of much needed new homes in Ireland. The Company constructs high quality new houses and apartments with an emphasis on design, innovation and customer service. Cairn acquires greenfield or brownfield sites in Ireland that are suitable for residential development, with an emphasis on Dublin and the Dublin commuter belt, as well as in other major urban centres. www.cairnhomes.com    

 

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