Business Irish

Wednesday 13 December 2017

Cairn gets go-ahead for new site in Adamstown

Cairn's portfolio includes 29 separate development sites which will accommodate more than 12,000 units, 90pc of which will be in Dublin.
Cairn's portfolio includes 29 separate development sites which will accommodate more than 12,000 units, 90pc of which will be in Dublin.
John Mulligan

John Mulligan

Builder Cairn Homes has been granted planning permission for a large project in west Dublin that will see the construction of 267 dwellings.

The scheme is the first element of a much larger development that is planned by Cairn at the site in Adamstown.

Cairn has received permission to build 199 houses, 60 apartments and eight duplex units at the first phase of the new development.

The company is currently building on a number of sites in the greater Dublin region, including its extensive Parkside development on the Malahide Road.

The five sites on which it was active as of last year are expected to yield a total of more than 1,150 homes. Another five sites it plans to build on this year will deliver an additional 2,750 homes.

Cairn Homes, whose ceo is Michael Stanley, floated on the stock market in June 2015, raising over €440m. In December 2015, it subsequently raised an additional €52m. In 2016, it raised €167m.

In a November trading update, Cairn Homes said that it was on track to complete 100 house sales in 2016 across its active sites, and meet its medium-term objective of delivering 1,200 housing units a year by 2019.

Cairn's portfolio includes 29 separate development sites which will accommodate more than 12,000 units, 90pc of which will be in Dublin.

Cairn Homes was founded by Mr Stanley and the company's chief operating officer, Kevin Stanley. Another founding investor is director Alan McIntosh. Mr McIntosh is the founder of London-based private equity group Emerald Investment Partners.

Mr McIntosh is also a co-founder of pub chain Punch Taverns - the second-largest in the UK. Emerald retreated this week from a battle with Heineken to buy Punch, with the chain expected to be valued at £410m (€477m).

Irish Independent

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