28th Nov 2019 10:40
(Alliance News) - Irish housebuilder Cairn Homes PLC has sold a range of private rental sector units in County Kildare, it said on Thursday.
Cairn has disposed of 150 multi-family private rental sector units in Mariavilla, Maynooth, to Urbeo for a total of EUR53.5 million.
Further, it has bought 97 acres of development land in Clonburris, Dublin, for EUR21.5 million. It views this as a "unique" chance to build a large number of affordable new homes near to Dublin's city centre.
The site will consist of over 5,000 new homes, Cairn continued, as well as a number of retail, commercial, and employment spaces.
Chief Executive Michael Stanley commented: "Maynooth is a sought after and well-connected commuter-belt location in close proximity to a number of significant foreign direct investment employers. As Ireland's most active homebuilder, Cairn will continue to focus on our core business of the construction of high-quality, competitively priced starter homes to meet the pent up demand from first-time buyers.
"We will also continue to leverage the significant demand which exists from long term institutional investors for well-designed new homes in the city centre, suburban and commuter-belt locations and integrate multifamily PRS into our development pipeline."
"We are particularly excited to take on a project of the scale and opportunity which Clonburris provides. Cairn is uniquely placed with a strong balance sheet and the expertise to lead a development of this scale in a progressive manner. Essentially we are creating a new town of significant scale close to Dublin City," Stanley continued.
"This development is a game-changer for the shortage of affordable new homes in Dublin."
Cairn shares were 2.5% higher on Thursday morning in London at a price of EUR1.24 pence each.
By George Collard; [email protected]
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