Cairn Homes Plc Announces Argentum Acquisition

Cairn Homes Plc the Irish homebuilder, today announces that it has completed the acquisition of Argentum Property Holdco Limited for a total consideration of €105.6m2, on the same terms as previously disclosed.

The Argentum deal includes the purchase of the Argentum business and six related development sites.

All located in the Greater Dublin Area, the Argentum sites include:

·     Griffith Avenue - a 7.5 acre site at Griffith Avenue, Dublin 3. Construction on this site is due to commence shortly.

·     Ashbourne - a 37 acre site at Churchfields, Ashbourne. Construction on this site has already commenced.

·      Greystones - a 60 acre site at Coolagad, Greystones.

·      Naas - a 30 acre site at Craddackstown, Naas.

·      Clontarf - a two acre site at Dollymount Avenue, Dublin 3.

·      Swords - a 28 acre site at Hollybank, Swords, North County Dublin.

Michael Stanley, CEO, of Cairn Homes said;

"The completion of the Argentum acquisition is a very significant deal for the company and enables us to further scale our operations and build much needed family homes in the Greater Dublin Area and other areas of significant under supply. Construction has already commenced on the Ashbourne site and Cairn expects to take over operations within the coming weeks putting us live on four sites, with plans to be active on eight sites within the coming 12 months."