Irish housebuilder Cairn Homes has paid €105.6 million for Argentum Property, which holds six development sites in Dublin.

Argentum's assets include a three-hectare site on Griffith Avenue in Marin, Dublin. It was bought from the Christian Brothers and has planning for 101 dwellings comprising houses and apartments.

Cairn said the six Dublin sites amount to 164.5 acres of land, and construction on the Griffith Avenue site is due to commence shortly. The housebuilder said construction on the Ashbourne site has already commenced.

Cairn Homes chief executive Michael Stanley said the completion of the Argentum acquisition is a very significant deal for the company and enables it to further scale operations and build much needed family homes in the Greater Dublin area and other areas of significant under supply.

“Construction has already commenced on the Ashbourne site and Cairn expects to take over operations within the coming weeks putting us live on four sites, with plans to be active on eight sites within the coming 12 months,” he said.

Cairn has raised a hefty €661 million since its flotation on the London stock market last June.