Cairn eyes RTE site with aim to build up to 500 apartments

Homebuilder also plans to sell €50 million of non-core residential sites by end of 2018

Cairn Homes would only be interested in developing apartments on the 8.64 acre RTÉ site, which estate agent Savills is selling at a guide price of €75 million.

Cairn Homes would only be interested in developing apartments on the 8.64 acre RTÉ site, which estate agent Savills is selling at a guide price of €75 million.

 

The chief executive of Cairn Homes, the only publicly-quoted Irish housebuilder to float on the stock market in the last two decades, has confirmed the company’s interest in a site being sold by broadcaster RTE at its Donnybrook complex.

Speaking to reporters after the company’s annual general meeting (AGM) in Dublin on Wednesday, Michael Stanley said his company would only be interested in developing apartments on the 8.64 acre site, which estate agent Savills is selling at a guide price of €75 million. He said that site could accommodate between 400 and 500 apartments and between 10 and 15 houses.

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The comments come after Cairn raised €51.9 million through a share sale this week to give it flexibility to continue to acquire residential development land, bringing to €722.5 million the amount of equity it has raised since the group’s initial public offering in June 2015.

Meanwhile, Mr Stanley told shareholders at the AGM that the company plans to raise about €50 million by the end of next year from the sale of non-core residential development sites, which typically have planning for 20 to 30 homes. Such developments are deemed by Cairn to be too small for its business model.