Cairn Homes announces €150m debt facility with AIB
Cairn Homes, the Irish homebuilder, has announced that it has agreed a new €150m senior debt facility with AIB which will allow the company to fund acquisitions as well as growth.
The new facility, which has a four year term, is secured against a corporate level debenture for the company who listed on the London Stock Exchange in June of this year.
Eamonn O'Kennedy, Finance Director, of Cairn Homes said: "We are delighted to announce our first senior debt facility just under six months after our initial public offering (IPO). This facility secures flexible and efficient funding for Cairn Homes for the next four years."
In November Cairn Homes revealed that it expects to have sold 1,000 homes by the end of the decade with an eye on taking advantage of the current housing climate.
In the company's interim management statement it said that it was on track to start work at five more housing schemes by the middle of 2016.