Cairn today confirmed that it has completed its acquisition of the Project Clear residential land portfolio from Ulster Bank, which was announced last Monday as a joint acquisition with Lone Star.

Cairn has acquired c. 75% of the portfolio at a cost of €378 million. The entire portfolio consists of 1,694 acres, which includes 31 residential development sites. The deal gives the Company the opportunity to build over 14,000 new homes over the coming years, with an expected net development value of in excess of €2 billion.

Commenting on today's announcement, Cairn CEO Michael Stanley said, "We are delighted to have successfully completed this strategically important acquisition. This transaction will unlock the most significant land bank available in Ireland".