According to weekend reports, Cairn Homes, the one year old building company that raised close to €400m last week by listing on the London Stock Exchange has already invested close to €60m of its new funding on two prime residential sites in south Dublin.

Cairn has paid €40m for the eight acre Marianella site close to Rathgar village that has been the headquarters of the Redemptorist religious order in Ireland. The site will accommodate close to 300 new homes which will mostly be apartments.

The firm is also reported to have completed an €18m deal for a prime eight acre site close to the Luas line at Carrickmines near Foxrock.

It is also understood to be amongst the bidders for the Jury’s Hotel site in Ballsbridge, which has planning permission for a number of apartment blocks.

Cairn plans to sell its first homes at Parkside off the Malahide Road in north Dublin in the coming weeks.