Project Clear Acquisition Completion

RNS Number : 9156I

Cairn Homes plc

14 December 2015

 



Press Release

Cairn Homes completes Project Clear Acquisition

Dublin/London, 14 December 2015: Cairn Homes Plc ("Cairn" or "the Company") (LSE:CRN), the Irish homebuilding company, today confirmed that it has completed its acquisition of the Project Clear residential land portfolio from Ulster Bank, which was announced last Monday as a joint acquisition with Lone Star.

Cairn has acquired c. 75% of the portfolio at a cost of €378 million.  The entire portfolio consists of 1,694 acres, which includes 31 residential development sites.  The deal gives the Company the opportunity to build over 14,000 new homes over the coming years, with an expected net development value of in excess of €2 billion.

Commenting on today's announcement, Cairn CEO Michael Stanley said, "We are delighted to have successfully completed this strategically important acquisition. This transaction will unlock the most significant land bank available in Ireland". 

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 an Irish homebuilder with a highly experienced management team. The Group is committed to constructing high quality new homes with an emphasis on design, innovation and customer service. The Group expects to acquire 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, as appropriate. www.cairnhomes.com       

 

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