Acquisition

RNS Number : 7473W

Cairn Homes plc

29 April 2016

 

Press release           

Cairn Homes Plc Announces Argentum Acquisition

Dublin/London, 29 April 2016: Cairn Homes Plc (LSE:CRN), ("Cairn Homes" or the "Company") the Irish homebuilder, today announces that it has completed the acquisition of Argentum Property Holdco Limited¹ ("Argentum") for a total consideration of €105.6m², on the same terms as previously disclosed.

The Argentum deal includes the purchase of the Argentum business and six related development sites.

All located in the Greater Dublin Area, the Argentum sites include:

·     Griffith Avenue - a 7.5 acre site at Griffith Avenue, Dublin 3. Construction on this site is due to commence shortly.

·     Ashbourne - a 37 acre site at Churchfields, Ashbourne. Construction on this site has already commenced.

·      Greystones - a 60 acre site at Coolagad, Greystones.

·      Naas - a 30 acre site at Craddackstown, Naas.

·      Clontarf - a two acre site at Dollymount Avenue, Dublin 3.

·      Swords - a 28 acre site at Hollybank, Swords, North County Dublin.

Michael Stanley, CEO, of Cairn Homes said;

"The completion of the Argentum acquisition is a very significant deal for the company and enables us to further scale our operations and build much needed family homes in the Greater Dublin Area and other areas of significant under supply. Construction has already commenced on the Ashbourne site and Cairn expects to take over operations within the coming weeks putting us live on four sites, with plans to be active on eight sites within the coming 12 months."

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¹ A holding company with nine subsidiary companies, six of which are land-holding companies (of which five currently hold sites and one has entered into a conditional contract to acquire a site in Greystones, subject to grant of planning permission which has now been obtained).

² Including the cost of acquiring the Greystones site and excluding a deferred tax liability acquired of €5.4m. The €105.6 million also excludes a further potential payment of €10 million which would be paid in the event that the Swords site in the Argentum portfolio is rezoned for residential development.

-ENDS-

For more information please contact:      

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Hume Brophy                                                                                                   [phone]

Maria Cryan

Edel Bach  

Notes to Editors

Cairn Homes plc is a well-capitalised Irish homebuilder, with an experienced management team, who are clearly focused on being a significant contributor in the delivery of much needed new homes in Ireland. The Company constructs high quality new houses and apartments with an emphasis on design, innovation and customer service. Cairn acquires greenfield or brownfield sites in Ireland that are suitable for residential development, with an emphasis on Dublin and the Dublin commuter belt, as well as in other major urban centres. www.cairnhomes.com    

 

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