Cairn Homes Plc announces that it has contracted with RTE, Ireland’s national broadcaster, to acquire 8.64 acres of land at its Montrose campus in Donnybrook, Dublin 4. This is a prime site in a unique location which has strong potential for apartment development.
The total consideration for the purchase is €107.5 million. The completed development will consist of up to 500 apartments and 10 houses and the transaction is expected to close during July.
“Cairn is delighted to have acquired what we believe to be Dublin’s most attractive residential development site” said Michael Stanley, Chief Executive. “Our design led approach, the quality of the homes we build and our economies of scale make this a truly exceptional opportunity for us. At Cairn, we believe in building exceptional homes in great locations and the Montrose site will significantly add to the new homes we will bring to the market over the coming years. We are currently undertaking major apartment developments at both Marianella, Rathgar and 6 Hanover Quay in Dublin city centre”.
“We were very much encouraged by the support for our strategy through the success of our recent share placing. There was a clear recognition amongst investors of the benefits of a balanced portfolio and of the potential of building quality homes at price points across the market spectrum.”