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The first Irish home builder to go public in 20 years has made a healthy debut
Cairn Homes listed on the London Stock Exchange today.
4.45pm, 10 Jun 2015
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Updated 16.45
THE FIRST IRISH housing developer to go public in nearly two decades gained about €20 million in value on its first day of trade.
Cairn Homes raised €400 million in a share sale ahead of its launch on the London Stock Exchange.
The home builder, which was set up last year by builder Michael Stanley and financier Alan McIntosh, had a total value of just under €430 million following the share offer after further investments from its founders and their families.
McIntosh, the company’s executive director, said it was an “important day for the Irish home-building industry”. Cairn Homes has already started construction projections in Dublin, Galway and Cork.
The successful initial public offering, raising in excess of €400 million of new equity capital, is a decisive step for Cairn Homes as we take a new and sustainable approach to building high quality new houses and apartments for our customers,” he said.
It gained another 5% on conditional trade today, when a limited number of shares can be bought and sold, adding another €20 million to its value. The company will be on the open market from Monday.
Cairn has said it will focus building on urban areas – including Dublin and its commuter counties – where its management expected economic trends to support demand for new houses.
Despite house prices across the country rising 15.8% over the past year, according to the latest CSO figures, there remains a chronic under-supply of new properties coming onto the market.
Mark Stedman / Photocall Ireland
Mark Stedman / Photocall Ireland / Photocall Ireland
That problem has been most acute in Dublin, where prices are up 20.2% for the 12 months to April.
Stanley, Cairn’s CEO, said the company’s business model was “unique in Ireland” and that would enable it to “build quality homes in areas of particular need at a time of significant under-supply.”
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We must build tens of thousands of homes to meet demand. One developer won’t solve anything. We have an apprenticeship shortage, skills shortage and social housing shortage.
Exactly were is there a demand? Outside of Dublin in most cases there is no demand for housing.
New houses in my town are selling for 100k -150k. They can’t give them away even though they are well built and finished.
If you think a company floating for 400 million is actually going to build houses then Jesus how naive is everyone , Hotels and conference center’s will be built by the dozen, and WHEN the company goes belly up we will have another ghost estate problem. But I’m guessing the element that actually believe we would have a soft landing in 2008 are still swallowing BS.
One new property developer/ builder entity about to enter Irish market, structured as a plc , with €400 m in equity capital, professionally run board comprised of directors who know how to assess risk, have respect for corporate governance, and with low reliance on short-term bank finance, and with access to residential sites under sensible, transparent and fair, financial arrangements with NAMA, hoping to sell on finished output at market price to a welcoming market………IMO such an entity is in with a fighting chance of cracking the nut job that is the Irish Residential Property Market.
Build and they will come they did the last time.
They came from all over Eastern Europe to build them and of course they need somewhere to stay so we will have to build more houses and apartments and so the circle will continue. Boom boom
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