11/28/2019 | Press release | Distributed by Public on 11/28/2019 01:40
Cairn Announces Sale of 150 Multifamily PRS Units in Maynooth for €53.5 million and the Acquisition of 97 Acres of Development Land within Clonburris SDZ
28 November 2019:Cairn Homes plc ('Cairn', or the 'Company') (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces the forward sale of 150 multifamily private rental sector ('PRS') residential units in Mariavilla, Maynooth, Co. Kildare to Urbeo for a total cash consideration of €53.5 million.
Cairn also announces the acquisition of 97 acres of development land at Clonburris Strategic Development Zone ('SDZ'), Dublin 22, in two separate transactions from the National Asset Management Agency ('NAMA') and O'Callaghan Properties. Cairn already owns an adjacent 174 acres of development land within the Clonburris SDZ.
150 Multifamily Units in Maynooth:
The 150 new homes, comprising apartments, duplexes and houses, are being delivered on a phased basis from December 2019. Cairn's Mariavilla development currently consists of two individual development areas under construction - 230 homes at Lyreen Valley, off the Dunboyne Road, where the first phase of 80 homes are sold out to individual homeowners and the next phase will be launched in Spring 2020; and 150 homes on the Moyglare Road which is the area of the development designed for the private rental sector being acquired by Urbeo.
Acquisition of an Additional 97 Acres of Development Land within Clonburris SDZ:
Cairn has significantly extended its footprint at the strategically located Clonburris development by contracting to acquire an additional 97 acres of development land within the recently approved Clonburris SDZ in two separate transactions from NAMA and O'Callaghan Properties for a total combined consideration of €21.5 million.
The Company views Clonburris as a unique opportunity to build a substantial number of competitively priced and affordable new homes in this well connected location close to Dublin City. Cairn's landholding now represents 44% of the overall Clonburris SDZ which will give us the opportunity to lead and fast-track the establishment of this new community with all stakeholders, including our approach to ensuring that all of the necessary social and recreational infrastructure are delivered in a timely manner. Cairn's development land will consist of over 5,000 new homes together with a substantial quantum of retail, commercial and employment space located around two new town centre areas serviced by the existing Kildare-Dublin rail line.
Michael Stanley, Co-Founder and CEO of Cairn, commented:
'Maynooth is a sought after and well-connected commuter-belt location in close proximity to a number of significant FDI 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 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. We look forward to partnering with public and private stakeholders to facilitate the delivery of over 5,000 competitively priced and affordable new homes with associated critical infrastructure. Cairn will deliver a progressive urban design in Clonburris which will reflect best international practice. This development is a game changer for the shortage of affordable new homes in Dublin.'
Richard Ball, Partner at Urbeo, commented 'This is another significant acquisition as we implement our strategy to deliver quality rental housing projects in well-serviced locations with good connectivity to employment centres. We remain ambitious to expand through further acquisitions and forward purchase agreements, and have a deep pipeline of exclusive deals with high quality partners like Cairn.'
For further information, contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley, Co-Founder and CEO
Ian Cahill, Head of Finance
Declan Murray, Head of Investor Relations
Drury Communications +353 1 260 5000
Finsbury +44 207 251 3801
Notes to Editors
Cairn Homes plc ('Cairn') is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 17,400 unit land bank across 35 residential development sites, over 90% of which are located in the Greater Dublin Area ('GDA') with excellent public transport and infrastructure links. Cairn is today building on 15 sites in the GDA, which will deliver over 5,250 new homes.