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LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Friday said it signed a contract with real estate firm Hines Ireland to acquire two sites on the Cherrywood development zone in Dublin for EUR21.5 million.
Cairn Homes said that under the agreement it also has the option to purchase a third lot for EUR9.2 million on receipt of planning permission. The housebuilder said it will be developing more than 300 new homes on the portion of the site it has purchased, in line with the vision set out by Hines Ireland.
Hines Ireland, which purchased the Cherrywood site in November 2014, has already put forward planning applications for the key initial infrastructure on the site, including a new retail-led, mixed-use town centre and up to 3,800 apartments and houses, and further applications relating to the residential developments will be submitted in mid 2016.
"We are delighted to announce the acquisition of this extremely well located site at Cherrywood, in the south of the city. We look forward to bringing our house building skills to one of Dublin's most important new developments," said Cairn Homes Chief Executive Michael Stanley.
Cairn Homes shares were up 1.4% at EUR1.10 on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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