Business

Thursday 22 February 2018

Cairn "on target" to convert 90pc of all Project Clear loans into site ownership by year end

Michael Stanley, chief executive of Cairn Homes
Michael Stanley, chief executive of Cairn Homes
Michael Cogley

Michael Cogley

Irish homebuilder Cairn Homes is on track to convert 90pc of all the Project Clear loans in acquired from Ulster Bank into direct site ownership by the end of the year.

In an update released to shareholders this morning, Cairn announced the transfer of a further four sites into its ownership.

The four sites are:  a 71 acre site in Naas, a 7.6 acre site in Newbridge, a 145 acre site in Blessington and a 6.6 acre site in Donabate.

The four sites have a combined potential to deliver over 1,150 residential units.

Cairn splashed out around €378m on the loans portfolio, which includes the Adamstown landbank in west Dublin, in December.

Speaking ahead of the company's AGM later today Cairn chief executive Michael Stanley said the housebuilder had experienced a "transformative" year since it's initial public offering.

"In the past 12 months we have acquired a core land bank of 25 development sites with the combined capacity to deliver in excess of 11,000 homes.

"Our business model moving forward is simple; our capital structure, strong governance and the experience of our team affords us the opportunity to make a long term commitment to home building in Ireland," Mr Stanley said.

Cairn also said it has continued to scale its housebuilding operations toward its target of delivering between 1,000 and 1,200 houses per year by 2019.

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