Cairn Homes sell 229 homes for €78 million

By Brendan Grehan

CAIRN Homes has sold 229 homes in Lucan for €78 million to an investment vehicle controlled by Wall Street financial firm Angelo Gordon. 

The homes are at Shackleton Park and Gandon Park and are a mix of apartments, duplexes and houses. 

Houses at Shackleton Park Lucan sold by Cairn Homes compressor

The homes in Shackleton

On Friday, Cairn Homes announced the “forward sale” of the 229 private rental sector (PRS) residential units to a special purpose company managed by Carysfort Capital and funded by Angelo Gordon for a total cash consideration of €78.75m including VAT.

The sale works out at an average of €344,000 per unit.

In 2019, Angelo Gordon and Carysfort Capital bought a block of 120 apartments at 6 Hanover Quay from Cairn Homes. The 229 homes will be completed by the end of 2020, Cairn Homes said.

The development in Lucan is part of Cairn Homes largest residential development to date and comprises over 1,100 new homes. More than 500 units in the scheme are already occupied. The scheme is located circa 1km from Adamstown Train Station.

Angelo Gordon invests in property and other businesses, managing $36bn  (€32bn) for its clients. Carysfort Capital is an Irish investment manager.

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