Cairn Homes is understood to have been in talks with US-headquartered property giant Greystar for the sale of 385 homes it is developing on a site at Griffith Avenue in Marino, Dublin 3. While the terms of a deal have not been agreed between the parties, The Irish Times understands that Greystar has made an unsolicited offer of about €180 million for the Griffith Wood portfolio. Cairn Home’s Griffith Wood development has a prime location on a three-hectare (7.41 acre) site on Griffith Avenue that had been owned previously by the Christian Brothers. Cairn Homes’ sale of the Griffith Wood portfolio is in keeping with its twin-track strategy of delivering new homes to the traditional owner-occupier market and to the private rented sector (PRS) market. PRS market growthShould Greystar manage to secure ownership of the Griffith Wood scheme, the deal would represent its second transaction in Ireland’s rapidly expanding PRS market.

Source: The Irish Times November 25, 2020 06:00 UTC