Cairn Homes plc Acquisition of RTE Montrose Site (9739H)
13 June 2017 - 11:36PM
UK Regulatory
TIDMCRN
RNS Number : 9739H
Cairn Homes plc
13 June 2017
Cairn Homes plc
Acquisition of RTE Montrose Site
Dublin/London, 13 June 2017: Cairn Homes plc ("Cairn Homes", or
the "Company") (LSE:CRN), announces that it has contracted with
RTE, Ireland's national broadcaster, to acquire 8.64 acres of land
at its Montrose campus in Donnybrook, Dublin 4. This is a prime
site in a unique location which has strong potential for apartment
development.
The total consideration for the purchase is EUR107.5 million.
The completed development will consist of up to 500 apartments and
10 houses and the transaction is expected to close during July.
"Cairn is delighted to have acquired what we believe to be
Dublin's most attractive residential development site" said Michael
Stanley, Chief Executive. "Our design led approach, the quality of
the homes we build and our economies of scale make this a truly
exceptional opportunity for us. At Cairn, we believe in building
exceptional homes in great locations and the Montrose site will
significantly add to the new homes we will bring to the market over
the coming years. We are currently undertaking major apartment
developments at both Marianella, Rathgar and 6 Hanover Quay in
Dublin city centre.
"We were very much encouraged by the support for our strategy
through the success of our recent share placing. There was a clear
recognition amongst investors of the benefits of a balanced
portfolio and of the potential of building quality homes at price
points across the market spectrum."
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, 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 over 3,200
units.
www.cairnhomes.com
This information is provided by RNS
The company news service from the London Stock Exchange
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