LONDON (ShareCast) - Housebuilding group Cairn Homes has acquired three plots of development land for new homes.
In a statement released on Friday, the Irish company said it had purchased two sites of residential development land in Carrickmines, on Brennanstown Road, South Dublin, with a combined area of 9.1 acres for a purchase price of €20.7m.

Cairn said the acquisition will allow it to lodge a revised planning application for approximately 160 residential units, which will include up to 60-70 houses.

Meanwhile, the London-listed group has also reached an agreement to acquire 8.11 acres of land at Marianella, Orwell Road, in Rathgar, South Dublin, for €43m, subject to approval by the Vatican and the Irish Charities Commission.

The site has planning permission for 211 residential units and the group expects construction to begin in the first quarter of 2016.

"We look forward to adding to our pipeline over the coming months, as part of our strategy to deliver high quality homes, in major urban centres, with a particular focus on the greater Dublin area, where we believe the greatest demand exists," said group co-founder and chief executive Michael Stanley.

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