The world's largest investment firm, BlackRock, has increased its share in Irish housebuilder Cairn Homes to just over 6 per cent.
In a note to the Irish Stock Exchange, Cairn Homes said it had informed the Central Bank of the increased stake.
BlackRock reported second-quarter results last month which failed to impress Wall Street. Assets under management jumped 16 per cent to nearly $5.7 trillion, but revenue gained just 6 per cent to $2.97 billion (€2.5bn) and earnings per share rose 10 per cent to $5.22 (€4.67) or $5.24 after adjusting for non-recurring items and other charges.
That fell short of analysts’ average target of $5.40 per share and $3.02 billion in revenue, according to Thomson Reuters, and the company acknowledged that fees were lighter due to “previously announced pricing changes”.
Meanwhile, Cairn Homes was admitted to the Irish Stock Exchange less than a month ago. The company has a land bank of 12,600 units, over 91 per cent of which is in the greater Dublin area. It is currently active on eight sites there, which will deliver 3,250 units.
