BlackRock increases share in housebuilder Cairn Homes

The world's largest investment firm, BlackRock, has increased its share in Irish housebuilder Cairn Homes to just over 6 per cent.

In a note to the Irish Stock Exchange, Cairn Homes said it had informed the Central Bank of the increased stake.

BlackRock reported second-quarter results last month which failed to impress Wall Street. Assets under management jumped 16 per cent to nearly $5.7 trillion, but revenue gained just 6 per cent to $2.97 billion (€2.5bn) and earnings per share rose 10 per cent to $5.22 (€4.67) or $5.24 after adjusting for non-recurring items and other charges.

That fell short of analysts’ average target of $5.40 per share and $3.02 billion in revenue, according to Thomson Reuters, and the company acknowledged that fees were lighter due to “previously announced pricing changes”.

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Meanwhile, Cairn Homes was admitted to the Irish Stock Exchange less than a month ago. The company has a land bank of 12,600 units, over 91 per cent of which is in the greater Dublin area. It is currently active on eight sites there, which will deliver 3,250 units.