Irish homebuilding company Cairn Homes has acquired a site at Hanover Quay in Dublin for €18m from a fund involving Nama, Bennett Construction and Oaktree Capital.

The company said the site is large enough to facilitate the development of over 100 apartments.

It is located within the South Dublin Docklands Strategic Development Zone and has planning permission, with Cairn saying it will be able to begin construction this year.

The acquisition is expected to complete in early February.

Commenting on the announcement, Cairn CEO Michael Stanley said: “The acquisition represents another key achievement for the company and provides Cairn with the opportunity to provide much-needed quality homes in the Dublin business centre and ‘Silicon Docks’ area of the city, which has a particularly acute demand for new homes.”

The company listed on the London Stock Exchange last year.