Glenveagh Acquires Additional Sites

RNS Number : 1290D

Glenveagh Properties PLC

29 January 2018

 

Glenveagh acquires two new sites capable of delivering 395 residential units

Dublin & London - 29 January 2018: Glenveagh Properties PLC (GLV ID, GLV LN) ("Glenveagh") a leading Irish housebuilder listed on the Irish and London Stock Exchanges has exchanged contracts to acquire a development site at Citywest Road, Dublin 24. The site  can deliver 195 residential units, subject to planning, and is strategically located in close proximity to the Fortunestown Luas stop and to Citywest Shopping Centre.

Glenveagh has also signed an unconditional legal contract to acquire a major site in Hollystown, Dublin 15. The 162-acre site is occupied by Hollystown Golf Club who will continue on a business as usual basis, with 19 acres on the site zoned for residential development and the remainder zoned as open space. Glenveagh estimates that it will deliver 200 family homes on the residential development land between 2019 and 2023, subject to planning.

Additionally, and consistent with an announcement on 14 December 2017, Glenveagh has completed the acquisition of the 2-hectare site in Dublin's North Docklands known locally as 'East Road'.

Commenting on today's announcement, Glenveagh Co-Founder and CEO Justin Bickle said:

"We are delighted with today's two new land acquisitions.  Our growing landbank now has capacity, subject to planning, for over 5,000 units, at an average cost of €61k per unit, deploying over €178m of the proceeds of the IPO. We are very excited about our momentum since the IPO was completed."

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Justin Bickle (CEO) Michael Rice (CFO) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

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 

This information is provided by RNS

The company news service from the London Stock Exchange

 

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