Last checked at 22 Feb 2017 07:00
Cairn Homes plc
Announcement of Joint Venture with NAMA
Dublin/London, 22 February 2017: Cairn Homes plc ("Cairn Homes", or the "Company") (LSE:CRN), announces that it is has completed an investment agreement in which the National Asset Management Agency ("NAMA") has a minority interest, to form a joint venture to build 71 residential units on a site adjoining its Parkside development, off the Malahide Road, in North Dublin. Construction is due to commence on this site immediately. The development, which will be completed this year, will have an estimated gross sales value of €25 million, of which €18.1 million, representing 52 units, has already been secured through strong pre-sales in January and February 2017.
Michael Stanley, CEO of Cairn Homes plc said: "We are pleased to announce this joint venture with NAMA which is in line with our strategy of building quality new homes on attractive sites in the Greater Dublin Area. This alternative operating model is a new departure for the Company which we hope will offer us further opportunities in the future. The strong level of pre-sales we have seen demonstrates the pent up market demand for well built, new homes in good locations."
The Company's full year results for the year ended 31 December 2016 will be released on 9 March 2017.
For more information, please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley
Eamonn O'Kennedy
Powerscourt +44 20 7250 1446
Justin Griffiths
Jack Hickey
Drury Communications +353 1 260 5000
Billy Murphy
Morwenna Rice
Notes to Editors
Cairn Homes is an Irish homebuilder with a highly experienced management team. The Company is committed to constructing high quality new homes with an emphasis on design and innovation in attractive locations to meet sustainable market demand. The Company is active on seven sites which will deliver 2,700 units.
Parkside is a market leading residential development, off the Malahide Road, in North Dublin which launched in September 2015 and will now deliver in excess of 500 new homes.
www.cairnhomes.com