An Irish housebuilder has entered into an agreement to acquire Project Clear, Ulster Bank’s residential land portfolio.
Cairn Homes Plc contributed approximately £273m towards the £363m acquisition, with Lone Star funding the rest.
The deal includes 31 residential development sites - 91% of which are located in Dublin and the surrounding commuter belt.
Cairn’s 75% share of the portfolio gives it the opportunity to build over 14,000 new homes, with an expected net development value of £1.45bn.
"We are delighted to have entered into an agreement with Ulster Bank for the Project Clear loan portfolio, one of our key strategic targets,” said Michael Stanley, CEO of Cairn.
“I would like to congratulate and thank Lone Star for also recognising this truly unique opportunity. This transaction will unlock the most significant land bank available in Ireland.”
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