Wednesday April 8, 2020

Cairn Homes, Lone Star to buy Project Clear loans for €503 million

Cairn will pay €378 million for its share of the loan portfolio

7th December, 2015
Cairn says the acquisition will allow it to build more than 14,000 new homes in the greater Dublin Area

Cairn Homes said it has made a successful bid, along with US private equity firm Lone Star, to acquire Project Clear, a portfolio of residential land loans owned by Ulster Bank, for a price of €503 million.

Cairn said it would pay €378 million for its 75 per cent share of the portfolio, which includes loans with a par value of around €2 billion attached to 1,694 acres, including 31 residential development sites. More than...

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