Housebuilder Cairn Homes has announced a new joint venture with the National Asset Management Agency (Nama) with the aim of creating over 550 homes on a 14.5-acre site alongside its “Parkside” development, at the Malahide Rd, Dublin 13.
The company, 75% owned by Cairn Homes and 25% NAMA owned, has acquired the development site.
The agreement follows in the wake of the completion of Cairn’s first venture with Nama, comprising 71 new homes, at the same location.
Cairn Homes co-founder and CEO, Michael Stanley, said that the deal further develops the company’s relationship with Nama and will enable the investment vehicle to leverage existing infrastructure in Parkside, where Cairn has delivered over 450 new homes in an area of consistently strong demand over the past three years.
Cairn owns 33 residential development sites with capacity for over 14,500 new homes, over 90% of which are located in the Greater Dublin area. The company is currently operating on 13 sites in the Greater Dublin area, where it has plans to build over 4,750 new homes.