Cairn Homes sells 282 units at Citywest to Urbeo for €94m

Second deal for private rental sector for Cairn

Cairn Homes group finance director Tim Kenny, non-executive chairman John Reynolds and chief executive Michael Stanley. Photograph: Shane O’Neill

Cairn Homes group finance director Tim Kenny, non-executive chairman John Reynolds and chief executive Michael Stanley. Photograph: Shane O’Neill

 

Cairn Homes has sold 282 apartments at the Quarter in Citywest, west Dublin, to Urbeo, the Irish residential investment platform backed by Starwood Capital Group, for €94 million.

The development, which is currently under construction, will be delivered in phases beginning at the end of next year.

Urbeo’s Richard Ball said the company had ambitious plans to expand its build-to-rent portfolio through further acquisitions and forward purchase agreements with partners such as Cairn.

The sale of the multifamily private rental sector (PRS) apartments is the second such deal for Cairn Homes, which also sold 120 apartments at Six Hanover Quay in Dublin.

The company’s Citywest development also includes Edenbrook, a residential development being sold to individual home buyers.

“Cairn’s core business is the construction of high-quality, competitively-priced starter homes to meet the pent-up demand from first-time buyers,” said Michael Stanley, co-founder and chief executive of Cairn.

“In addition to this, significant demand exists from long-term institutional investors for multifamily PRS apartment developments and with our pipeline across our circa 4,400-unit well-located apartment sites, we will continue to actively engage with these institutional investors.”

The company is currently building on 15 sites in the greater Dublin area, which will deliver more than 5,250 new homes.