Irish housebuilder Cairn Homes has signed its second investment venture agreement with Ireland’s National Asset Management Agency to create a new vehicle to build new homes in Dublin.
The vehicle, which is 75% owned by Cairn and 25% owned by Nama, will aim to build in excess of 550 new homes on a 14.5-acre site adjoining Cairn’s Parkside development off the Malahide Road in Dublin 13, which it has acquired.
Previously Cairn and Nama built 71 new homes at Parkside, the partners’ first investment venture agreement together.
Michael Stanley, co-founder and chief executive of Cairn, said: “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.”
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