Glenveagh announces the acquisition of additional sites to deliver 660 residential units
Dublin & London - 22 December 2017: Glenveagh Properties PLC (GLV ID, GLV LN) ("Glenveagh") a leading Irish housebuilder listed on the Irish and London Stock Exchanges has completed the acquisition of Brook Lane in Rush, Co. Dublin. Glenveagh has also signed an unconditional legal contract to acquire a development site at Millennium Park in Naas, Co. Kildare. These acquisitions have the combined potential to deliver in excess of 660 residential units (subject to planning) at an aggregate cost of €29.5 million. The Naas acquisition is expected to close early in the New Year.
Additionally, Glenveagh has completed the acquisition of two sites in Bray and Midleton which were identified in the Prospectus as part of a portfolio of twelve sites named 'Project Kells'. These two sites will deliver 210 residential units between them (subject to planning).
All four sites are strategically located near key transportation links in areas of strong demand for housing within the Greater Dublin Area and Cork in accordance with Glenveagh's Prospectus and business strategy.
Commenting on today's announcement, Glenveagh Co-Founder and CEO Justin Bickle said:
"The additional site acquisitions announced this morning demonstrate the success of Glenveagh's recent engagement in the land market and represent a strong end to the year. The vast majority of our land acqusitions have been through bilateral off market transactions, although we have also won both tenders we have participated in. In the ten weeks since IPO, we have increased the size of our land bank from c. 3,000 units to over 4,700 units, at an average cost of €57k per unit, and have now deployed over €150 million of our IPO proceeds.
The landbank we have assembled gives us confidence about our ability to meet our annual construction targets through to 2020 and is reflective of Glenveagh's focus on delivering quality residential housing within the Greater Dublin Area and Ireland's regional hubs, well serviced by local transport links.
We wish to thank all of our stakeholders for their support since our listing and look forward to a busy and productive 2018."
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Note to Editors
Glenveagh Properties PLC develops and builds starter, mid-size and executive/high-end homes (both houses and apartments) in Ireland. Glenveagh offers a platform that combines a landbank in Ireland (mainly in the Greater Dublin Area), with an award-winning developer and a sector-leading senior management team. In addition to developing its own land, Glenveagh augments its operations with joint venture and partnership arrangements to develop residential schemes on land owned by third parties via its Glenveagh Living division. www.glenveagh.ie
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