LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Tuesday said it has signed a contract to acquire a site in the Hanover Quay area of Dublin for EUR18.0 million.
The acquisition is the first made by Cairn in the South Dublin docklands area, close to the Dublin 2 business centre in the city's 'Silicon Docks' high-tech hub, which is home to a number of major US technology companies.
The project will allow for the development of more than 100 apartments and is expected to complete in February. It has been acquired from a sub-fund of Targeted Investment Opportunities ICAV, which counts NAMA, Bennett Construction and Oaktree among its partners.
"We are delighted to announce the acquisition of this exceptionally located site in Hanover Quay, Dublin 2, part of the South Dublin docklands Strategic Development Zone. The acquisition represents another key achievement for the company and provides Cairn with the opportunity to provide much-needed quality homes in the Dublin business centre and 'Silicon Docks' area of the city, which has a particularly acute demand for new homes," said Michael Stanley, Cairn's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Cairn Homes (CRN)