Last checked at 5 Jul 2017 07:00
5 July 2017
Cairn Homes plc
Cairn Homes plc Announces a New Site Specific Loan Facility Secured on RTÉ Montrose Site
Dublin/London, 05 July 2017: Cairn Homes plc ("Cairn", or the "Company") (LSE:CRN), the Irish homebuilding company, announces that it has agreed a new €50 million term loan facility (the "Facility") with Activate Capital.
The Facility, which has a two year term, will be solely secured by a charge over the RTÉ Montrose site.
"We are very pleased to welcome Activate Capital as a new and additional funding partner for our business" said Michael Stanley, Chief Executive. "This new Facility, on competitive terms, is ring-fenced on the RTÉ Montrose site which reflects the quality of the asset being acquired. It represents an evolution of our funding strategy and sits outside of our existing €200 million corporate debt facility with AIB and Ulster Bank."
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 plc 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. Cairn has a land bank of 12,100 units which will increase to 12,600 units with the RTÉ Montrose site, over 90% of which is located in the Greater Dublin Area ("GDA"). Currently, Cairn is active on eight sites in the GDA, which will deliver 3,250 units.