Following a formal sales process announced on 6 March, we have agreed to sell our prime Dublin City Centre development at Six Hanover Quay to a special purpose company managed by Carysfort Capital, an Irish Real Estate Investment Manager, for a total cash consideration of €101 million including VAT (€89 million excluding VAT).
Six Hanover Quay, which comprises 120 apartments, a 5,000 sq. ft. restaurant and 1,400 sq. ft. café, is presently under construction and legal completion is scheduled for Q1 2019. This represents an average gross sales price of €800,000 for each of the apartments.
Michael Stanley, Chief Executive Officer and Co-Founder of Cairn, commented: "The sale of Six Hanover Quay in a single transaction is a tremendous outcome for our business which will deliver a strong return for our shareholders. Six Hanover Quay is a landmark building in the heart of Dublin City Centre's thriving new urban quarter."
"Three of the twelve sites we are building on today are apartment schemes in Dublin City. We plan to commence three further apartment developments in the next twelve months. The nature and extent of our ambitious apartment construction activities will make an important contribution to this city which suffers from a stark imbalance between office and apartment construction. Dublin needs places to live to match the quantum of places to work."
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