Homebuilding company Cairn Homes has agreed a new €50m term loan facility to finance the purchase of land from RTÉ in Donnybrook in Dublin.

Last month, RTÉ agreed to sell just under nine acres of land at its Donnybrook campus to Cairn Homes for €107.5m.

The agreed sale price for the 8.64 acres of land far exceeded the guide price of €75m set by estate agents Savills.

Cairn's chief executive Michael Stanley said the new facility with Activate Capital is "ring-fenced" on the RTÉ Montrose site.

He said this "reflects the quality of the asset being acquired". 

Mr Stanley also said the financing represents an evolution of the company's funding strategy and sits outside of its existing €200m corporate debt facility with AIB and Ulster Bank.