Completion of Dublin Docklands Hotel Forward Fund

RNS Number : 0771D

Glenveagh Properties PLC

25 June 2021

 

25 June 2021

Glenveagh Properties PLC

Completion of Dublin Docklands Hotel Forward Fund

Glenveagh Properties PLC ("Glenveagh"), a leading Irish home builder, today announces that Germany-based Union Investment, one of Europe's leading real estate investment managers, has acquired the planned 262-bedroom Premier Inn hotel site in Glenveagh's development at Castleforbes in the Dublin Docklands as part of an approximately €70 million forward funding arrangement that will result in Union Investment taking ownership of the hotel.

The Premier Inn hotel will form a key component of a wider mixed-use development, which also includes 1,256 apartments and 12,545 square metres of office space known as the Freight Building.

Construction of the Premier Inn hotel will begin in July of this year and is scheduled to be ready for business in Autumn 2023. The hotel will be operated by UK-headquartered hotel group Whitbread PLC under its Premier Inn brand, as was previously announced by Glenveagh.

Stephen Garvey, Glenveagh Chief Executive, said:

"We are delighted to partner with the hotel experts of Union Investment on this project. This marks the start of delivery of a significant development in the Docklands which will provide a sustainable mix of residential, hotel and office accommodation in this prime city centre location. The project forms part of a wider masterplan for our Dublin Docklands sites and is testament to our commitment to keeping sustainable development at the heart of everything we do."

ENDS 

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Michael Rice (CFO) Chloe McCarthy (Group Company Secretary) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Notes to Editors

About Glenveagh Properties PLC

Glenveagh Properties PLC, listed on Euronext Dublin and the London Stock Exchange, is a leading Irish homebuilder.

We are dedicated to expanding access to high-quality new homes, with a focus on first time buyers and young families. We believe that everyone should have access to high quality homes in flourishing communities across Ireland.

We are focused on three core markets - suburban housing, urban apartments and partnerships with local authorities and state agencies. Since IPO we have opened 23 sites, delivering more than 1,800 units with 1,150 in the pipeline for 2021 and 3,000 units per annum from 2024. The landbank we have assembled can deliver housing that is both in demand and affordable.

www.glenveagh.ie

 

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