Project Clear Asset Transfers and Site Acquisition

RNS Number : 9213R

Cairn Homes plc

14 March 2016

 

Press release           

Cairn Homes Plc Announces First Asset Transfers under Project Clear and a Further Site Acquisition

Dublin/London, 14 March 2016: Cairn Homes Plc (LSE:CRN), ("the Company") the Irish homebuilder, today announces the first of its asset transfers under the recently acquired Ulster Bank Project Clear loan portfolio. 

The Company expects to make prompt progress on its loan-to-own strategy, as evidenced by the fact that three separate development sites (15% of the Project Clear portfolio) have now moved into the Company's direct asset ownership just three weeks after the end of the sub-participation period (ended 19 February). Those sites are

·      A one acre site in Stillorgan, Co. Dublin (formerly Blakes restaurant);

·      An eight acre site at Cross Avenue, Blackrock, Co. Dublin; and

·      A six acre site at Moyglare in Maynooth.

In a separate transaction, Cairn has contracted to acquire an additional site adjacent to the Moyglare site referred to above, from York Capital, at a cost of €27 million.  The acquisition of this site, which adjoins NUI Maynooth, increases the value of the combined holding, creating the potential for a 430 unit housing development in a town with significant demand, in addition to a 500-bed student accommodation scheme.

Michael Stanley, CEO, of Cairn Homes said;

"We are delighted to announce the first site transfers under our Project Clear loan-to-own strategy, just three weeks after Cairn assumed all rights and obligations associated with this portfolio. The separate Maynooth site acquisition adds value to the adjoining Project Clear asset, creating potential for one of the largest developments in Maynooth, a key student and Dublin commuter belt community, as well as a prime location for foreign direct investment into 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 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       

 

END

 

 

MSCFXLLFQXFZBBQ