Cairn today announced that it has contracted to acquire a site in Hanover Quay, Dublin 2 from a sub-fund of Targeted Investment Opportunities ICAV in which NAMA, Bennett Construction and Oaktree have an economic interest.

This acquisition is Cairn's first in the South Dublin docklands Strategic Development Zone ("SDZ"), which is in close proximity to both the Dublin 2 business centre and the Dublin 'Silicon Docks' area, home to many of the leading US technology firms, which are based in Dublin. At a cost of €18m and with a footprint that will allow for the development of in excess of 100 apartments, the Hanover Quay site represents another milestone purchase for the Company. The acquisition is expected to complete in early February 2016.

Commenting on today's announcement, Cairn CEO Michael Stanley said, "We are delighted to announce the acquisition of this exceptionally located site in Hanover Quay, Dublin 2, part of the South Dublin docklands Strategic Development Zone. The acquisition represents another key achievement for the Company and provides Cairn with the opportunity to provide much-needed quality homes in the Dublin business centre and 'Silicon Docks' area of the city, which has a particularly acute demand for new homes. The site has the benefit of an existing planning permission, thus enabling us to commence construction during 2016".