LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Wednesday said it has raised total of EUR52.1 million from its share placing, to be used to back its push to capitalise on the recovery in the Irish residential property market.
Cairn issued 46.9 million shares at EUR1.11 per share, making the gross proceeds from the issue EUR52.1 million. Shares in Cairn were up 2.7% to EUR1.16 on Wednesday.
Credit Suisse Securities (Europe) Ltd and Goodbody Stockbrokers were the joint bookrunners on the placing.
Announcing the placing on Tuesday, Cairn said it "believes that there is a significant opportunity to capitalise on the recovery of the Irish residential property market by establishing itself over the medium term as a leading Irish housebuilder, constructing high quality new homes with an emphasis on innovation, design and customer service."
Cairn Homes is currently in the "final stages" of bidding for a portfolio of loans backed by land where houses will be built in Dublin, Project Clear, and has a further pipeline comprising around 2,000 plots which are predominantly located in the greater Dublin region, it said.
Earlier Tuesday, the company had announced it had secured a EUR150.0 million senior debt facility with Allied Irish Banks PLC to further back its expansion plans.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Cairn Homes (CRN)