Cairn Homes inks housing deal with Hines

Housebuilder Cairn Homes has inked a deal with real estate group Hines Ireland to buy two sites on the Cherrywood site in Dublin for €21.5m (£16.7m).

Cairn will also have the option to purchase a third lot for €9.2m on receipt of planning permission.

Subject to planning approval, the deal will see Cairn provide over 300 new homes on a portion of the Cherrywood site that is being designed in accordance with the vision set out in the site's masterplan.

Hines bought Cherrywood in November 2014 and its plan included the construction of a new retail-led, mixed use town centre and up to 3,800 apartments and houses.

Cairn Homes’ chief executive Michael Stanley said: “We look forward to bringing our house building skills to one of Dublin's most important new developments.

“The visionary masterplan developed by Hines, in conjunction with Dun Laoghaire-Rathdown County Council, will offer our future customers many benefits, including three landscaped parks, a wide range of leisure facilities, a retail led town centre, primary and secondary schools and an unrivalled transport infrastructure, making Cherrywood a truly exceptional place to live".

At 1540 GMT, Cairn Homes shares were up 0.5% to 1.0850p.