LONDON (Alliance News) - Cairn Homes PLC on Tuesday said it signed an investment venture agreement with the Irish government's National Asset Management Agency to build in excess of 550 new homes.
The Irish homebuilding company said the properties will be build on a 14.5 acre development site adjoining Cairn's Parkside development, off the Malahide Road, in Dublin.
The development site was acquired by a new company owned 75% by Cairn Homes and 25% by National Asset Management Agency. This agreement follows the recent successful completion of Cairn Homes' first investment venture with National Asset Management Agency, in which 71 new homes were built and sold at Parkside.
"We are delighted to announce our second investment venture with National Asset Management Agency, further developing on our strong working relationship," said Cairn Homes Co-Founder & Chief Executive Michael Stanley.
"This will enable the investment vehicle to leverage existing infrastructure in Parkside, where Cairn has an established brand and a site team which has delivered over 450 new homes in an area of consistently strong demand over the last three years," added Stanley.
Cairn Homes shares were trading 0.5% higher on Tuesday at EUR1.27 each.
Cairn Homes (CRN)