LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Monday announced the first set of asset transfers under the Project Clear loan portfolio it recently acquired from Ulster Bank.
Cairn and an affiliate of Lone Star Funds paid about GBP360.0 million in cash for the portfolio in December, part of a wider restructuring by Ulster Bank owner Royal Bank of Scotland Group PLC.
On Monday, three development sites moved under Cairn's direct ownership, covering two sites in Dublin and one in Maynooth.
Separately, Cairn has also agreed to acquire an additional site nearly the Maynooth site for EUR27.0 million from York Capital. The acquisition will create the potential for a 430-unit housing development, along with a 500-bed student housing scheme.
"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," said Michael Stanley, Cairn's chief executive.
"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," he added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Cairn Homes (CRN)