LONDON (Alliance News) - Irish housebuilder Cairn Homes PLC on Friday said it has acquired three new development sites for new homes.
Cairn said it has acquired two residential land development sites in Carrickmines for EUR20.7 million. The acquisition of the pair simultaneously will mean Cairn can file a revised planning application for around 160 residential units on the sites.
The company has also paid EUR43 million to acquire land in Marianella in South Dublin which has planning permission for 211 residential units. The construction start date for the site is set for the first quarter of 2016.
"We are delighted to announce the acquisition of these unique sites on the South side of Dublin, the first since our recent IPO. We look forward to adding to our pipeline over the coming months, as part of our strategy to deliver high quality homes, in major urban centres, with a particular focus on the greater Dublin area, where we believe the greatest demand exists," said Chief Executive Michael Stanley.
Shares in Cairn Homes were trading flat at EUR1.065 on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Cairn Homes (CRN)