75:25 split for Cairn Homes and Loan Start on €503m Project Clear acquisition

DEVELOPMENT sites in Cork now acquired by listed home builders Cairn Homes and private equity group Lone Star as part of this month’s €503 million Ulster Bank Project Clear swoop include land at Castletreasure outside Douglas, AbbeyFort in Kinsale, a 0.45 acre site at Dennehys Cross and the fire-damaged Good Shepherd Convent in Sunday’s Well.

The four sites are among 31 in total showing a 78% discount from a one-time valuation of €2bn sold by the bank, with scope for as much as 20,000 homes in Dublin, at Adamstown, Blackrock and Portmarnock.

It equates to as much as 17% of zoned available land in the Dublin area, and among those also in pursuit of the portfolio was Cork-based developer Michael O’Flynn with US finance via Avenue, as well as Avestus, Castlethorn, Hines and Cerberus.