Cairn Homes points to PRS potential amid strong results

Irish housebuilder Cairn Homes said its apartment pipeline could satisfy more than €1bn in PRS opportunities, in its results for the year ended 31 December 2018. It estimated that 2,500-3,000 units from the 4,400 apartment portfolio could meet this demand. Cairn owns a 15,100-unit land bank across 32 residential sites. The housebuilder is currently building on 13 sites, which it said will deliver more than 4,750 new homes. It will commence four PRS schemes this year, which it may bring to the market as forward sales opportunities. This includes 280 apartments in Citywest (Dublin 24), which will launch this month.