Wednesday 15 August 2018

Cairn Homes founders split €61m in shares

Cairn Homes CEO Michael Stanley
Cairn Homes CEO Michael Stanley

Ronald Quinlan Commercial Property Editor

Cairn Homes founders Michael Stanley, Alan McIntosh and Kevin Stanley, received a share allocation valued at €61.4m last year.

Details of the distribution under the developer's founder share scheme are contained in Cairn Homes' annual report for 2017, which was published yesterday. According to it, a total of 38,685,292 founder shares belonging to the trio were converted to ordinary shares at a price of €1.58 per share on August 18 last. Mr McIntosh's 19.3 million shares were worth €30.7m following the transaction. Cairn Homes CEO Michael Stanley's 13.5 million founder shares were worth €21.49m as a result of the move, while his brother, Kevin, saw his allocation valued at €9.21m.

In terms of remuneration for 2017, Michael Stanley received a total package of €797,000. This included a salary of €425,000, bonus of €319,000, pension of €43,000, and a car allowance of €10,000. Mr McIntosh, meanwhile, received total compensation of €525,000 for the year.

The publication of Cairn Homes's latest annual report follows the launch of the latest phase of its latest residential development in Greystones, Co Wicklow - 48 new homes were sold last weekend at the Glenheron scheme for €25.15m.

Cairn Homes is active on 11 development sites with a combined capacity for the delivery of 3,500 homes in the Greater Dublin Area.

The company's sale of its apartment development at Six Hanover Quay in Dublin's Docklands meanwhile is on course to secure over €100m. Ires Reit, German fund Patrizia Immobilien, Hines and Kennedy Wilson are understood to be among the parties to have come through the first round of bids for the building last week.

With the scheme set to comprise 120 apartments, the offers of between €90m and €96m received to date equate to a price of between €750,000 and €800,000 per unit.

Irish Independent

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