New Joint Development with NAMA

RNS Number : 6941N

Cairn Homes plc

22 January 2019

 

22 January 2019

Cairn Homes plc

New Joint Development with NAMA

Dublin/London, 22 January 2019: Cairn Homes plc ("Cairn") (ISE/LSE: CRN), the leading Irish homebuilding company, announces the signing of an investment venture agreement with the National Asset Management Agency ("NAMA") creating a vehicle aiming to build in excess of 550 new homes on a 14.5 acre development site adjoining Cairn's Parkside development, off the Malahide Road, in Dublin 13.

Under the investment venture agreement, a new company owned 75% by Cairn and 25% by NAMA has acquired the development site. This agreement follows the recent successful completion of Cairn's first investment venture with NAMA, in which 71 new homes were built and sold at Parkside.

Michael Stanley, Co-Founder and CEO of Cairn, said: "We are delighted to announce our second investment venture with NAMA, further developing on our strong working relationship. This will enable the investment vehicle to leverage existing infrastructure in Parkside, where Cairn has an established brand and a site team which has delivered over 450 new homes in an area of consistently strong demand over the last 3 years."

-ENDS-

For more information, please contact:     

Cairn Homes plc                                                                                                                               [phone]

Michael Stanley

Tim Kenny

Drury Porter Novelli                                                                                                                       [phone]
Billy Murphy

Morwenna Rice

Louise Walsh

Finsbury                                                                                                                                              [phone]
Gordon Simpson

Charles O'Brien

Notes to Editors

Cairn Homes plc is an Irish homebuilder committed to building high-quality sustainable homes in excellent locations and providing unparalleled customer service at each stage of the home-buying journey. Cairn's highly experienced management team has a clear vision of delivering innovative and thoughtfully designed homes which meet market demand and enhance communities by placing home owners at the very centre of the design process. The Company owns 33 residential development sites with capacity for over 14,500 new homes, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on thirteen sites in the GDA, which will deliver over 4,750 new homes.

 

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