Housebuilder targets acquisitions after share sale

Irish housebuilder Cairn Homes has completed the placing of over 33.7 million shares, raising gross proceeds of around €51.9m (approximately £44.4m).

The new ordinary shares were priced at €1.54 (approximately £1.32) per placing share and represented around 4.9% of Cairn Homes’ existing issued ordinary share capital prior to the placing. 

Michael Stanley, CEO of Cairn Homes, said it was delighted to have successfully completed the placing with the strong support of its shareholders.

“The funds raised will further strengthen our balance sheet and enable us to continue to review and refine the company's land bank and where appropriate acquire further attractive and well-located residential development sites."

Cairn Homes has a land bank of around 12,100 units, over 91% of which is located in Greater Dublin. 

The housebuilder is active on seven sites around Dublin which will deliver 2,800 units. 

In March, Cairn Homes posted a 1,005% revenue surge, attributed to 105 completions, with forward sales of 301 units at a gross sales value of €121.2m (approximately £105m back in March).

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