Cairn Homes sells almost 300 apartments to cuckoo fund
Cairn Homes has sold 282 apartments at The Quarter in Citywest to cuckoo fund Urbeo for €94m.
Urbeo is an affiliate of US investment giant Starwood Capital.
The 282 units, across six apartment blocks, are currently under construction with a phased delivery commencing in late next year.
Once completed, the homes will be rented out privately.
Cuckoo funds are so called as they are seen as elbowing in and pushing first-time-buyers out of the market.
This is Cairn's second large private sector rental transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin city centre.
Michael Stanley, co-founder and CEO of Cairn, said: "As Ireland's most active homebuilder, Cairn's core business is the construction of high-quality, competitively priced starter homes to meet the pent up demand from first time buyers.”
He added that the group would consider selling more homes to institutional investors, or cuckoo funds.
“In addition to this, significant demand exists from long term institutional investors for multifamily private rental sector apartment developments and with our pipeline across our circa 4,400 unit well-located apartment sites, we will continue to actively engage with these institutional investors," he added.