Property development company Cairn Homes has successfully placed 33.7m new ordinary shares, raising around €51.9m in gross proceeds.

The shares were placed by Goodbody, BofA Merill Lynch, and Davy at a price of €1.54 per share.

The placing represents nearly 5% of the company's prior existing issued ordinary share capital.

Commenting on the Placing, Cairn CEO Michael Stanley said: "We are delighted to have successfully completed this placing with the very strong support received from our shareholders.

"The funds raised will further strengthen our balance sheet and enable us to continue to review and refine the company's land bank and where appropriate acquire further attractive and well located residential development sites."