Cairn and Hines announce Cherrywood Housing Deal
Press Release
Cairn Homes and Hines Ireland announce Housing Deal for Cherrywood
Cairn Homes to join Hines to bring masterplan's vision to life
€30.7 million agreement to deliver in excess of 300 new homes
Dublin/London, 12 February 2016: Cairn Homes Plc ("Cairn" or "Cairn Homes") (LSE:CRN) and Hines Ireland ("Hines") today announced an important step in the plan to expedite the delivery of high quality homes under the masterplan for the Cherrywood Strategic Development Zone in South Dublin.
The deal highlights Hines' intention to work with experienced house builders who share their focus on quality and have the capability to work on projects of scale. Cairn and Hines are pleased to announce Cairn's acquisition of these Cherrywood sites, as Cairn's design-led approach will strongly complement the overall Hines development strategy for the site. Cairn has purchased two lots for €21.5 million, with an option to purchase a third lot for €9.2 million on receipt of planning permission. Subject to planning approval, this deal will see the provision of over 300 new homes on a portion of the Cherrywood site that is being designed in accordance with the vision set out in the site's masterplan.
On acquiring Cherrywood in November 2014, Hines tasked a large team of planners, surveyors and architects to bring forward an integrated masterplan proposal for this landmark development to include the construction of a new retail-led, mixed use town centre and up to 3,800 apartments and houses. The planning applications for the key initial infrastructure were lodged in late 2015 and work is well underway to submit planning applications for the town centre in mid 2016 to deliver the first homes on the site.
The Chief Executive of Cairn Homes, Michael Stanley, said "We are delighted to announce the acquisition of this extremely well located site at Cherrywood, in the South of the city. We look forward to bringing our house building skills to one of Dublin's most important new developments. The visionary masterplan developed by Hines, in conjunction with Dun Laoghaire-Rathdown County Council, will offer our future customers many benefits, including three landscaped parks, a wide range of leisure facilities, a retail led town centre, primary and secondary schools and an unrivalled transport infrastructure, making Cherrywood a truly exceptional place to live".
Commenting on the announcement, Brian Moran, Senior Managing Director of Hines Ireland said: "We are very pleased to conclude this deal with Cairn Homes as an important step in expediting the delivery of high quality homes in Cherrywood. Cairn very much shares our vision of a dynamic, sustainable community that is based on progressive building techniques, quality design and innovation.
Cherrywood has unrivalled potential and today's announcement again demonstrates the momentum now behind this project that will ultimately be home to approximately 25,000 residents."
It is hoped the major road network investment proposed in the recent planning applications, which will mark the first phase of development, will commence in the coming months.
This upfront investment, combined with the planning applications for the town centre, will further progress the site masterplan and leverage Cherrywood's unique attributes including four LUAS stops and links to the country's motorway network at the junction of the N11 and the M50.
ENDS
For more information please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley
Eamonn O'Kennedy
Hume Brophy +353 1 662 4712
Maria Cryan +353 86 774 9715
Edel Bach +353 86 045 3821
For Hines related queries, please contact:
Drury| Porter Novelli
John Byrne + 353 87 938 3852
Iarla Mongey + 353 87 235 6461
More Information:
www.cairnhomes.com
About Cairn:
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
About Hines:
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties totalling over 346 million square feet. The firm's current property and asset management portfolio includes 531 properties representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
This information is provided by RNS
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