Cairn sells of 282 PRS apartments at The Quarter at Citywest for €94 million

LONDON: Cairn Homes plc, the leading Irish homebuilding company, announced the forward sale of 282 multifamily private rental sector (PRS) apartments at The Quarter in Citywest to Urbeo for a total cash consideration of €94 million.

The 282 units, across six apartment blocks, are currently under construction with a phased delivery commencing in late 2020. Cairn’s overall development site at Citywest includes The Quarter at Citywest and our Edenbrook residential development which successfully launched for sale to individual homebuyers in May 2019, with over 60 homes sold to date. Edenbrook will be reopening for the Autumn selling season on 7 September 2019.

The sale is Cairn’s second large multifamilty PRS transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin City Centre and reflects the breadth and scale of the institutional demand for new, well-designed multifamily PRS units in Dublin.

Michael Stanley, Co-Founder and CEO of Cairn, commented “We are delighted to announce the sale of The Quarter at Citywest, a well-connected suburban residential and business location, as part of the ongoing integration of multifamily PRS into our apartment development pipeline. As Ireland’s most active homebuilder, Cairn’s core business is the construction of high-quality, competitively priced starter homes to meet the pent up demand from first time buyers. In addition to this, significant demand exists from long term institutional investors for multifamily PRS apartment developments and with our pipeline across our c. 4,400 unit well-located apartment sites, we will continue to actively engage with these institutional investors.”

Richard Ball, Partner at Urbeo, commented “We are very pleased to have exchanged contracts on this transaction, particularly given the quality of the apartment scheme, the location’s excellent public transport links and close proximity to employers at Citywest Business Campus. We look forward to working with Cairn up until completion of these units. We have ambitious plans to expand our build-to-rent portfolio through further acquisitions and forward purchase agreements with high quality partners like Cairn.”

Edited by Kiran Khan

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