Saturday 1 October 2016

Cairn Homes set to raise €175m for new projects

Peter Flanagan Commercial Property Editor

Published 22/03/2016 | 02:30

Cairn Homes said it will run a share placement to raise the funds to buy sites currently valued at €203m.
Cairn Homes said it will run a share placement to raise the funds to buy sites currently valued at €203m.

Cairn Homes is to raise €175m in new financing as it continues its shopping spree.

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In a stock exchange announcement, Cairn said it will run a share placement to raise the funds to buy sites currently valued at €203m.

Some of the sites were part of Argentum Property's portfolio, including sites around Dublin.

Company CEO Michael Stanley commented: "We are very focused on scaling our home building operations and expect to be live on seven sites in the next 12 months.

"The acquisition of the Argentum business will allow us further expand our operations and we are confident in our ability to deliver high quality, affordable homes for our customers in markets where there remains an acute shortage of supply," he said.

The deal comes as it emerged that Cairn's executives took home more than €1.7m last year between them.

According to the company's annual report, which has just been published, company chief executive Michael Stanley was handed a remuneration package of €719,000 for the period to the end of last December.

Mr Stanley earned a salary of €455,000 but a bonus, retirement benefit and car allowance pushed his total earnings to €719,000. Executive director Alan McIntosh, meanwhile, received a basic salary of €372,000 but he took home €540,000 including bonus and pension contributions.

Group finance director Eamonn O'Kennedy, meanwhile, earned €447,000 in total.

Both Mr Stanley and Mr McIntosh own "founder shares" in the firm.

Mr Stanley has 35m of these shares while Mr McIntosh owns 50m.

Irish Independent

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