Cairn sells 282 PRS apartments for EUR94 million
Cairn Announces sale of 282 PRS Apartments at The Quarter at Citywest for €94 million
27 August 2019: Cairn Homes plc ("Cairn", or the "Company") (Euronext Dublin/LSE: CRN), the leading Irish homebuilding company, today announces the forward sale of 282 multifamily private rental sector ("PRS") apartments at The Quarter in Citywest to Urbeo for a total cash consideration of €94 million.
The 282 units, across six apartment blocks, are currently under construction with a phased delivery commencing in late 2020. Cairn's overall development site at Citywest includes The Quarter at Citywest and our Edenbrook residential development which successfully launched for sale to individual homebuyers in May 2019, with over 60 homes sold to date. Edenbrook will be reopening for the Autumn selling season on 7 September 2019.
The sale is Cairn's second large multifamilty PRS transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin City Centre and reflects the breadth and scale of the institutional demand for new, well-designed multifamily PRS units in Dublin.
Michael Stanley, Co-Founder and CEO of Cairn, commented "We are delighted to announce the sale of The Quarter at Citywest, a well-connected suburban residential and business location, as part of the ongoing integration of multifamily PRS into our apartment development pipeline. As Ireland's most active homebuilder, Cairn's core business is the construction of high-quality, competitively priced starter homes to meet the pent up demand from first time buyers. In addition to this, significant demand exists from long term institutional investors for multifamily PRS apartment developments and with our pipeline across our c. 4,400 unit well-located apartment sites, we will continue to actively engage with these institutional investors."
Richard Ball, Partner at Urbeo, commented "We are very pleased to have exchanged contracts on this transaction, particularly given the quality of the apartment scheme, the location's excellent public transport links and close proximity to employers at Citywest Business Campus. We look forward to working with Cairn up until completion of these units. We have ambitious plans to expand our build-to-rent portfolio through further acquisitions and forward purchase agreements with high quality partners like Cairn."
-ENDS-
For further information, contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley, Co-Founder and CEO
Tim Kenny, Group Finance Director
Drury Communications +353 1 260 5000
Billy Murphy
Morwenna Rice
Louise Walsh
Finsbury +44 207 251 3801
Gordon Simpson
Charles O'Brien
Notes to Editors
Cairn Homes plc ("Cairn") is the leading Irish homebuilder committed to building high-quality, competitively-priced, sustainable new homes in great locations. Cairn operates a defined and established business model which brings together the best town planners, architects, subcontractors and designers in collaboration with our own experienced team. At Cairn, the homeowner is at the very centre of the design process and we strive to provide an unparalleled customer service throughout each stage of the home-buying journey. A new Cairn home is thoughtfully designed and built to last with a focus on creating shared spaces and environments where communities prosper. Cairn owns a c. 15,100 unit land bank across 32 residential development sites, 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on 15 sites in the GDA, which will deliver over 5,250 new homes.
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