Homebuilder Cairn Homes has announced the first of its asset transfers under the recently acquired Ulster Bank Project Clear loan portfolio.

The company said it expects to make progress on its loan-to-own strategy.

It said this was evidenced by three separate development sites (15% of the Project Clear portfolio) moving into the Cairn Homes’ direct asset ownership three weeks after the end of the sub-participation period.

The assets are a one-acre site in Stillorgan, Co Dublin (formerly Blakes restaurant); an eight-acre site at Cross Avenue, Blackrock, Co Dublin; and a six-acre site at Moyglare in Maynooth, Co Kildare.

In a separate transaction, Cairn has agreed a deal to buy an additional site adjacent to the Moyglare site from York Capital at a cost of €27m.

Cairn says the acquisition of this site, which adjoins NUI Maynooth, would create the potential for a 430-unit housing development in the town, in addition to a 500-bed student accommodation scheme.