Investment Case

We have a clear strategy, defined business model and supporting culture which will drive our growth agenda. Cairn has an unrivalled track record in delivering high quality, energy efficient, A-rated new homes across the price spectrum which appeal to a deep buyer pool in all segments of the market.

Track record

  • First mover advantage on land with 75% of total landbank investment made within 9 months of June 2015 IPO. €911m invested to date in a c. 16,800 unit landbank.
  • Unparalleled planning expertise with over 8,200 new homes granted planning permission since 2015.
  • Active on 19 sites at year-end, including five new site commencements in 2020, with up to seven new site commencements planned in 2021.
  • Over 4,000 customers have chosen a Cairn home, including 2,750 first time buyers who have bought one of our starter homes.
  • Award winning planning and design for our developments at Marianella, Six Hanover Quay, Oak Park and Parkside.
Track record

Cairn differentiators

  • Strong, asset-backed balance sheet, including €968m inventories, and €175m available liquidity.
  • Broad product range and buyer pool through c. 11,700 housing sites and c. 5,100 apartment sites with 55% of our new homes expected to be priced below €350,000.
  • With the high quality of the new homes we build, we have developed a market leading brand and reputation with strong customer and stakeholder recognition.
  • Commitment to building homes and creating places that contribute positively to communities and society and minimise our impact on the environment.
  • Our innovation agenda and knowledge capture has created a scalable and flexible operational platform which turns land into great places where our customers want to live.
Cairn differentiators

Market opportunity

  • Strategically positioned within the low density housing and high density apartment markets.
  • 8,400 private units in our landbank priced between €250,000 and €350,000. First time buyers (“FTB”) are supported by the enhanced Help to Buy scheme (10% of purchase price or €30,000).
  • Counterparty of choice in the multifamily market and uniquely positioned to bring completed stock to the market in 2021 ready for near-term rental.
  • Regional expansion in the next 12 months in a market with continuing supply challenges.
  • Government policy committed to increase the supply of social and affordable housing through initiatives like the Urban Renewal Development Fund (€177m allocated to Clonburris) and Shared Equity (€150m funding) will be impactful for the c. 575,000 people in Ireland earning between €50,000 and €80,000.
Market opportunity

Scale and procurement advantages

  • Market leading efficiency as the industry’s largest procurer of labour and materials.
  • Plc platform of scale across low density housing and high density apartments.
  • Nearly €1bn procured since IPO, including €249m in 2020 with a current committed order book of €350m.
  • Committed and loyal subcontractor base – top 20 subcontractors account for 64% of total procurement, averaging €30m each and working across an average of 12 sites each.
  • Procurement initiatives driving value through our supply chain.
  • Innovation agenda, including off-site manufacturing, standardisation and technology driving further efficiencies.
Scale and procurement advantages

Great People

  • Talented team of homebuilders with national and international experience and technical expertise.
  • Organisational effectiveness agenda which has built increased capacity and capability to drive business results.
  • Expanded the depth of our senior management team in 2020 with key appointments complementing existing skillset.
  • We retain the best people and ensure that they can do their best work by supporting their development and providing them with the tools they need.
  • Experienced construction and site management teams supported by central functions delivering award winning developments.
Great People
At a Glance

Our approach to placemaking

Read some of our highlights to review some of our great locations and to see how our we have the land to deliver on our strategic objectives.  

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Our approach <span>to placemaking</span>
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