Acquisition

McInerney Holdings PLC
15 February 2006


Wednesday, 15th February 2006


                         McINERNEY HOLDINGS plc
                    ACQUIRES AUGUSTA DEVELOPMENTS LTD


McInerney Holdings plc ('McInerney' or 'the Group') is pleased to announce the
acquisition of UK based Augusta Developments Limited ('Augusta' or 'the
Company') a provider of social housing projects, with immediate effect.

Based in Milton Keynes, Augusta Developments was founded in 1994 and operates in
Northampton, Wellingborough, Oxford, Milton Keynes, Bedford and Luton.  Its
activities are focused on the Registered Social Landlord ('RSL') market
providing affordable homes.

The acquisition of Augusta is seen as highly complementary to McInerney's UK
strategy and will provide a platform to further develop the Group's business.
Social housing accounts for some 12% of the UK housing market and is an
important segment. Augusta is well positioned to take best advantage of this
market under McInerney's ownership.

Barry O'Connor, Managing Director, McInerney Holdings plc stated today:

'This acquisition provides the Group with an entry into the significant social
homes segment of the UK housing market. It also provides a foothold for
McInerney in a new geographic region, the South Midlands area, which will assist
our regional expansion in the private housing sector.'


Consideration

Total consideration of up to £6.27 million (€9.13m) will be payable as follows:

•    An initial consideration of £3.27 million (€4.76m) payable in cash
•    Additional earn-out consideration up to a maximum of £3.0million (€4.37m) 
     may become payable by McInerney depending on the earnings before interest 
     and tax (EBIT) achieved by Augusta in the four year period following 
     acquisition.

Business
Augusta is an established regional builder and is currently active on six
projects involving 92 units with a combined value of £6.488m (€9.45m). The
Company specialises in sourcing land suitable for affordable homes and
negotiating the construction of homes with regional Housing Associations. Its
key areas of activity are in the South Midlands area.



                                      ENDS

FOR INFORMATION:

Siobhan Molloy                           Tel: [phone] or (086) 817 50 66
Weber Shandwick FCC


About McInerney Holdings plc

McInerney Holdings plc is one of Ireland's leading development companies, with
divisions specialising in various aspects of the construction market. McInerney
Holdings plc comprises four divisions operating in Ireland, Spain and the United
Kingdom. The company is Ireland's largest national homebuilder, and undertakes
extensive commercial and leisure projects both in Ireland and abroad. The
company is listed on the Dublin and London Stock Exchanges (ISE: MCI.I/LSE:
MCI). See www.mcinerney.ie for further information.


This announcement has been issued through the Companies Announcement Service of
                            the Irish Stock Exchange





                      This information is provided by RNS
            The company news service from the London Stock Exchange