Matt Cooper on housing

Matt Cooper on housing
Michael Stanley of Cairn Homes Picture: Feargal Ward

There’s great money to be made in promising to build homes for people these days, even if you’re actually constructing very few of those houses or apartments as yet

Last week, even though Ireland is in the midst of a housing crisis caused by a lack of supply, three builders became cash multi-millionaires; they did so because of a piece of financial engineering at their house building company, Cairn Homes. Michael Stanley, his brother Kevin and Alan McIntosh sold 2.1 per cent of the shares in the company, which joined the stock market only two years ago, not long after it was established, for €26.6 million.

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