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Cairn Homes considers RTE site with aim to build up to 500 apartments

Written by Robert McHugh, on 18th May 2017. Posted in Ireland

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The Irish Times has today reported that Cairn Homes is interested in a site being sold by broadcaster RTE at its Donnybrook complex.
 
Cairn Homes is the only publicly-quoted Irish housebuilder to float on the stock market in the last twenty years. The comments come after Cairn raised €51.9 million through a share sale this week to give it flexibility to continue to acquire residential development land, bringing to €722.5 million the amount of equity it has raised since the group’s initial public offering in June 2015.
 
Speaking to reporters after the company’s annual general meeting (AGM) in Dublin on Wednesday, Chief Executive, Michael Stanley said his company would only be interested in developing apartments on the 8.64 acre site, which estate agent Savills is selling at a guide price of €75 million. He said that site could accommodate between 400 and 500 apartments and between 10 and 15 houses.
 
Mr Stanley also told shareholders at the AGM that the company plans to raise about €50 million by the end of next year from the sale of non-core residential development sites, which typically have planning for 20 to 30 homes. Such developments are deemed by Cairn to be too small for its business model.
 
Source: www.businessworld.ie

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