Some of the biggest financiers and investment funds in the world – including a Wall Street firm – have bought into a major new property company which is planning 170 new homes on a site in Rahoon.
The proposed development will address the almost non-existent supply of new housing stock, which is driving prices up and contributing to the city’s accommodation crisis.
The Galway City Tribune has learned that a major new operator in the Irish market, Cairn Homes – where the former CEO of KBC Bank serves on the board – is currently designing a townhouse development for a site which it owns off the Letteragh Road in Rahoon.
If given the go-ahead by planners, the development would create in the region of €40 million worth of sales.
According to the company: “Cairn see an excellent opportunity to establish a presence in Galway to meet the demand that currently exists for quality new homes in the city. The Cairn team are currently in the design phase.”
Among its major investors are Moore Capital, which is operated by Wall Street billionaire Louis Bacon; JP Morgan Asset Management; Lansdowne Partners and GLG Partners, some of the biggest investment fund managers in Britain.
For more on Cairn Homes’ plans for Galway, see this week’s Galway City Tribune
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