Substantial Site Acquisition

RNS Number : 2309W

Glenveagh Properties PLC

31 July 2018

 

Glenveagh Properties PLC

Substantial Site Acquisition

Glenveagh Properties PLC ("Glenveagh" or the "Group") a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange today announces a further substantial land acquisition in the Greater Dublin Area ("GDA") capable of delivering over 1,250 units¹.

The Group has exchanged contracts to acquire a c.113 hectare site (39 hectares of which are zoned residential) in Tyrrelstown, Dublin 15 which has the potential to deliver over 1,250 residential units¹. The acquisition, which is adjacent to the Group's existing site at Hollystown Golf Club, is expected to complete in Q3 2018 with the combined site expected to deliver units from 2019.

The addition of Tyrrelstown to the Group's portfolio further strengthens Glenveagh's ability to deliver starter homes in the GDA in proximity to key transportation nodes. The exact purchase price is commercially sensitive but is in excess of €65m. The Group is acquiring the site through a tender process.

Further to the Trading Statement of 29 June 2018 the Group has separately completed the acquisitions of Project Hector (700 units1) and Project Bill (400 units¹) and has completed the consensual 'loan to own' transaction at Castleforbes Business Park, Dublin 1.

Substantially all of the Group's net available IPO proceeds have now been deployed or are committed to be deployed, three months ahead of schedule. Following this acquisition, the Group's strategically located landbank now stands at c.11,370 units¹, up from 3,000 units at IPO.  Construction has now commenced on 12 sites with c.700 residential units currently under construction and c.800 expected to be under construction by the end of 2018.

For further information please contact:

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

1.   Subject to planning

Note to Editors

Glenveagh Properties PLC is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange. With a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway, the Group comprises two complementary divisions, Glenveagh Homes and Glenveagh Living.

Glenveagh Homes' delivers high quality starter homes to its private customers with selective developments of mid-size and executive houses and apartments in areas of high demand.

Glenveagh Living delivers houses and apartments for the public sector and institutional investors. Its Partnerships business focusses on mixed-tenure and joint venture opportunities with the public sector in Ireland, while its PRS business delivers large-scale private rental product for institutional investors.

www.glenveagh.ie

 

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