Cairn Homes plc Citywest Quarter EUR90m Sales Launch of 282 Units (7543U)

TIDMCRN

RNS Number : 7543U

Cairn Homes plc

01 April 2019

Cairn Homes launches sale of 282 PRS apartments at Citywest Quarter guiding EUR90 million

1 April 2019: Cairn Homes Plc ("Cairn", "the Company" or "the Group"), the leading Irish homebuilding company, has commenced a formal sales process with a view to forward selling the Citywest Quarter comprising 282 apartments. Cairn's appointed agents Savills and Hooke & MacDonald are guiding a sale price of EUR90 million for the development, reflecting an average unit price of EUR319,150. Cairn recently commenced construction of this development.

Following the successful sale of Six Hanover Quay in Dublin City Centre for EUR101 million (incl. VAT) announced on 28 June 2018, there continues to be significant demand from institutional investors seeking high-quality blocks of apartments. The development separately contains 123 houses, 42 duplex units and 14 apartments which will be offered for sale to individual homebuyers in the private market. The first delivery of the apartment blocks is expected in Q4 2020, with final delivery expected by the end of Q3 2021.

Cairn is today also pleased to welcome the successful grant of planning permission from An Bord Pleanála for the development of its 385 unit Griffith Avenue site, comprising 377 apartments and eight houses.

In recent weeks, Cairn has also received successful grants of planning permission for its developments at Marianella, Rathgar for 107 apartments and at Cross Avenue, Blackrock for 221 units, comprising seven houses and 214 apartments.

Michael Stanley, Co-Founder and Chief Executive Officer, commented:

"We are pleased to today announce that we have commenced a sales process for the Citywest Quarter development comprising 282 apartments. The sales process is aimed at institutional investors. We are now active on 14 individual sites in the Greater Dublin Area and continue to see significant demand for our new homes from individual buyers, and from institutional buyers for some of our larger apartment sites."

"Today also marks a significant achievement as we welcome An Bord Pleanala's permission for our development in Griffith Avenue. This is the seventh successful planning permission Cairn has received through the Strategic Housing Development process in the past 14 months for a total of 2,100 units. This reflects the quality of our design and our engagement with the various planning authorities and has been a significant support for Cairn's ambitious growth plans."

Citywest Quarter is conveniently situated adjacent to the Fortunestown light rail stop, which provides direct direct access into Dublin City Centre, and the immediate area is a hub of economic activity. Citywest Business Campus, which is adjacent to the development, is home to more than 200 companies employing over 8,000 staff across a range of business sectors including leading players in the pharmaceutical, medical, financial, IT and software and telecommunications sectors.

-ENDS-

For further information, contact:

Cairn Homes plc

[phone]

Michael Stanley, Co-Founder and CEO

Tim Kenny, Group Finance Director

Drury Communications

[phone]

Billy Murphy

Morwenna Rice

Louise Walsh

Finsbury

[phone]

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 GDA with excellent public transport and infrastructure links. Cairn is today building on 14 sites in the GDA, which will deliver 5,000 new homes.

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April 01, 2019 13:33 ET (17:33 GMT)