Cairn announced two deals yesterday; the phased disposal of 150 PRS units at Mariavilla, and the purchase of 97 acres of land adjacent to its existing 174 acre land bank at Clonburris. Although these deals should have no material impact on capital return plans, they should both serve to underpin the long term aim of returning surplus cash to shareholders considering the c10 year land bank has just been extended by c2 years. We retain our €1.60 target price.
29 Nov 2019
Securing cash income and land
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Securing cash income and land
Cairn Homes PLC (CRN:LON) | 138 -0.8 (-0.4%) | Mkt Cap: 892.4m
- Published:
29 Nov 2019 -
Author:
Andy Murphy -
Pages:
10
Cairn announced two deals yesterday; the phased disposal of 150 PRS units at Mariavilla, and the purchase of 97 acres of land adjacent to its existing 174 acre land bank at Clonburris. Although these deals should have no material impact on capital return plans, they should both serve to underpin the long term aim of returning surplus cash to shareholders considering the c10 year land bank has just been extended by c2 years. We retain our €1.60 target price.