Cairn Homes agrees joint venture with Nama

Irish housebuilder Cairn Homes has agreed a joint venture with Nama with the aim of creating over 550 homes.

In a stock market announcement, Cairn said it had created a vehicle to build the homes on a 14.5 acre development site beside its Parkside development, off the Malahide road in Dublin 13.

The new company is 75 per cent owned by Cairn and 25 per cent by Nama. It has acquired the development site.

Goodbody stockbrokers said it understands planning permission has already been sought for the first phase of up to 100 units. Upon receipt of full planning, those units will likely come to market from 2020, it added.

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The agreement follows completion of Cairn’s first venture with Nama at the same location in which 71 new homes were built.

Cairn co-founder and chief executive Michael Stanley said the deal would further develop the company's strong working relationship with Nama.

“This will enable the investment vehicle to leverage existing infrastructure in Parkside, where Cairn has an established brand and a site team which has delivered over 450 new homes in an area of consistently strong demand over the last three years,” he said.

Cairn owns 33 residential development sites with capacity for more than 14,500 new homes, over 90 per cent of which are located in the greater Dublin area. At present, the listed company is building on 13 sites in the greater Dublin area on which it plans to deliver more than 4,750 new homes.

In a trading update last week, Cairn said total revenue for 2018 was €337 million with operating profit anticipated to be in the region of €53 million.