LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Friday said it has paid EUR105.6 million for Argentum Property Holdo Ltd, which holds six development sites in Dublin, enabling it to scale up its operations in Dublin.
Argentum Property is a holding company with nine subsidiary companies, six of which are land-holding companies. Five of these currently hold sites and the other has entered into a conditional contract to acquire a site in Greystones, County Wicklow, Cairn Homes said.
Cairn Homes said the deal included the purchase of the Argentum business as well as the six development sites. These are all in Dublin and, in total, amount to 164.5 acres of land.
Construction on one of the sites, Griffith Avenue, Dublin, is to commence shortly and construction on the Ashbourne site in Ashbourne has already commenced, Cain Homes said. There are plans to be active on eight sites within the next twelve months, Cairn Homes added.
"The completion of the Argentum acquisition is a very significant deal for the company and enables us to further scale our operations and build much needed family homes in the Greater Dublin area and other areas of significant under supply. Construction has already commenced on the Ashbourne site and Cairn expects to take over operations within the coming weeks putting us live on four sites, with plans to be active on eight sites within the coming 12 months," said Cairn Homes Chief Executive Michael Stanley.
Shares in Cairn Homes were down 0.4% at EUR1.13 on Friday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Cairn Homes (CRN)