Cairn Homes has entered into a joint venture with the National Asset Management Agency to build more than 550 houses and apartments on a 14.5 half acre development site off the Malahide Road in Dublin. 

The deal sees a new company, which is 75% owned by Cairn and 25% owned by NAMA, buy the site.

This is Cairn's second such deal with NAMA after the first tie-up saw 71 new homes built and sold at Parkside in Balgriffin in Dublin. 

Michael Stanley, co-founder and CEO of Cairn, said today's deal will further develop the company's strong working relationship with NAMA. 

"This will enable the investment vehicle to leverage existing infrastructure in Parkside, where Cairn has an established brand and a site team which has delivered over 450 new homes in an area of consistently strong demand over the last three years," Mr Stanley added.