Glenveagh Announce Acquisition of Eleven Sites with Potential to Deliver Over 1,300 Homes - Construction Network Ireland - Construction Network Ireland

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Published in Construction on 17/11/2017

Glenveagh Announce Acquisition of Eleven Sites with Potential to Deliver Over 1,300 Homes

CNI Editor reports

Glenveagh has announced its acquisition of eleven sites across Ireland which have the potential to support up to 1,319 units.

The newly listed Irish housebuilder said that nine of these sites were identified as part of a portfolio of twelve sites called “Project Kells”.

This transaction was conditionally acquired at the time of Glenveagh’s IPO, which was the second biggest flotation on the Irish Stock Exchange (ISE) this year.

After various legal formalities are fulfilled, the firm expects to acquire the remaining three sites in this portfolio.

The two additional sites included in the list announced on Friday – which are located at Naul Road – were identified as “Potential Sites”.

The two sites were acquired at a cost of c.€22m and should deliver just under 450 units in total. The addition of these sites increases the size of Glenveagh’s landbank from 3,073 plots at IPO to over 3,500 plots.

Eleven sites:

1) Proby Square, Off Carysfort Avenue, Blackrock, County Dublin

2) 20 Shrewsbury Road, Ballsbridge, Dublin

3) Burkeen Road, Keatingstown, County Wicklow

4) Church Lane, Greystones, County Wicklow

5) Old Connaught Avenue, Rathmichael, County Dublin

6) Great Connell Abbey Stud, Newbridge, County Kildare

7) Quinns Cross, Mungret, County Limerick

8) Parson Street, Maynooth, County Kildare

9) Castleredmond, Midleton, County Cork

10 + 11) Two adjoining sites at Naul Road, Balbriggan, County Dublin

To date, Glenveagh has invested approximately €83m in cash (net of costs and expenses) on the acquisition of sites.

“We have been very busy since our listing last month on the London and Irish Stock Exchanges  developing our various plans, progressing discussions towards the acquisition of various sites and informing the local market about our ambitions to deliver houses and apartments for third parties through Glenveagh Living,” Justin Bickle, Co-Founder and CEO of Glenveagh said.

“Alongside this, we have been busy building out the company’s corporate infrastructure, hiring new staff, integrating Bridgedale’s operations and re-branding them as Glenveagh Homes.  We are delighted with the positive reaction we have received in the market so far and look forward to reporting more progress in due course.”

REF: Irish Times