27th Aug 2019 10:16
(Alliance News) - Irish homebuilder Cairn Homes PLC said Tuesday it has forward sold 282 private rental sector apartments in a suburb of Dublin for EUR94 million.
The 282 units currently under construction in Citywest have been forward sold to fellow Irish homebuilder Urbeo, with phased delivery expected to start in late 2020.
"We are delighted to announce the sale of The Quarter at Citywest, a well-connected suburban residential and business location, as part of the ongoing integration of multifamily private rental sector into our apartment development pipeline," said Cairn Co-Founder & Chief Executive Michael Stanley.
Cairn's overall development at Citywest, about nine miles south west of Dublin, includes The Quarter and Edenbrook residential developments. Edenbrook has sold over 60 homes to date.
"As Ireland's most active homebuilder, Cairn's core business is the construction of high-quality, competitively priced starter homes to meet the pent up demand from first time buyers. In addition to this, significant demand exists from long term institutional investors for multifamily private rental sector apartment developments and with our pipeline across our about 4,400 unit well-located apartment sites, we will continue to actively engage with these institutional investors," added Stanley.
In June last year, Cairn Homes sold 120 private rental sector units, at Six Hanover Quay, to a special purpose company managed by Irish real estate investment manager Carysfort Capital for EUR101 million.
Shares in Cairn Homes were 1.0% higher in London on Tuesday at EUR0.97 each.
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