Cairn Homes completes first asset transfer under Project Clear
Published 14/03/2016 | 11:46
Irish homebuilder Cairn Homes has announced the first of its asset transfers under the recently acquired Project Clear loan portfolio.
The firm spent €378m on the loans portfolio, which includes the Adamstown landbank in West Dublin, in December.
Three separate development sites have now moves into the company's direct asset ownership, three weeks after its sub-participation period ended.
The sites that have moved in are a one-acre site in Stillorgan, an eight-acre site at Cross Avenue and a six-acre site at Moyglare in Maynooth.
In a statement released to shareholders this morning, Carin also announced the acquisition of an additional site, adjacent to the Moyglare site.
Cairn acquired the site from York Capital at a cost of €27m. The company says the acquisition creates the potential for a 430-unit housing development in addition to a 500-bed student accommodation scheme.
Cairn Homes chief executive Michael Stanley said the firm was "delighted" with the first site transfers under the loan-to-own strategy.
"The separate Maynooth site acquisition adds value to the adjoining Project Clear asset, creating potential for one of the largest developments in Maynooth, a key student and Dublin commuter belt community, as well as a prime location for foreign direct investment into Ireland," Mr Stanley said.