Cuckoo fund buys 229 new homes in Lucan
A cuckoo fund controlled by Wall Street financial giant Angelo Gordon has agreed to buy 229 new homes in Lucan, Co Dublin, off in the plans under a so called “forward sale”.
Stock markets listed house builder Cairn Homes is developing the scheme and has agreed the sale for €78.75m - including Vat - to a special purpose company managed by Carysfort Capital, and funded by Angelo Gordon. That works out at an average of €344,000 per unit for the mix of apartments, duplexes and houses, due to be completed on a phased basis over the coming year.
It’s a second deal for the two parties, Angelo Gordon previously bought a block of 120 apartments in Dublin city centre, at 6 Hanover Quay, from Cairn.
The homes at Shackleton Park are part of Cairn’s largest residential development to date comprising of over 1,100 new homes. More than 500 units in the wider scheme are already occupied.