Cairn Homes’ Cork sell-off

The arrival for sale of three significant development sites in Cork, worth up to €30 million, sees a further scattering of the spread of sites and assets acquired by the firm Frinailla in the early 2000s, earmarked for developments of between €500m and €1bn.

Gone to market this week via Savills in what’s billed The Treasure Collection are a trio of former Ulster Bank-backed Frinailla acquisitions, being off-loaded by plc Cairn Homes as part of their Project Clear purchase, which transacted in late 2015 for more than €500m with a par value on the original loans of €2bn.

Cairn Homes is likely to concentrate on building in the Dublin region, where it now controls more than 1,600 acres and could build 18,000 homes there, although it has investigated select Cork opportunities in recent months, according to sources. Also among their Project Clear Cork acquisitions was a Kinsale housing site, at AbbeyFort.