Developer in talks with Cairn over €80m debt

Dublin property developer McGarrell Reilly has begun negotiations with publicly-quoted homebuilder Cairn Homes in relation to the developer’s €80 million debt hangover from the boom.

McGarrell Reilly originally owed the money to Ulster Bank, but the RBS-backed lender sold its entire Dublin land portfolio to Cairn and US private equity fund Lone Star for more than €500 million last December.

Since then, Cairn – which is charged with converting the development land into ...