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Lone Star scraps IPO plan for Irish landbank

U.S. private equity firm Lone Star abandoned plans to float its Irish residential landbank on the stock market, The Irish Times reported.

Instead, a newly established Irish unit of its U.K. property development arm Quintain Ltd. will deliver over 9,000 homes and 600,000 square feet of commercial office space on the 460 acres of land in Adamstown, Clonburris, Portmarnock and Cherrywood on the outskirts of County Dublin.

Housebuilder Durkan Residential, which has been building for the private equity firm in Adamstown and Portmarnock, will build on much of the land, the newspaper reported.

Lone Star originally planned to put the land into a vehicle combined with Durkan and floated as DRes Properties, the report said, adding that the IPO was shelved in 2018 following a global sell-off of equities.