Forward Sale and Pre-let Transactions
25 March 2019
Glenveagh Properties PLC
Forward Sale and Pre-let Transactions
Glenveagh Properties PLC ("Glenveagh" or the "Group") a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange today announces that the Group has exchanged contracts with Irish Residential Properties REIT PLC ("I●RES") whereby Glenveagh has agreed to forward sell 118 housing units to I●RES.
The transaction comprises two, three and four bed homes at Taylor Hill Balbriggan and Semple Woods Donabate. The Gross Development Value ("GDV") is €38m with all units scheduled for delivery in 2019. This transaction was included in the 451 units sold, signed or reserved announced on 6 March.
Glenveagh's development locations offer excellent transport links to Dublin City in established communities with proven employment in the surrounding area. As a result, houses and apartments in these locations are stable rental neighbourhoods which are attractive to institutional investors such as I●RES.
Separately, Glenveagh has entered into a pre-let transaction with Whitbread plc ("Whitbread") for a proposed 250-bedroom hotel at Castleforbes in Dublin's Docklands. The zoning for the site requires it to be developed as a mixed-use scheme. Securing a strong counterparty like Whitbread with a robust institutionally accepted covenant will add value to the overall project and provide Glenveagh with flexibility in the context of future exit options for Castleforbes.
For further information please contact:
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Investors: |
Media: |
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Glenveagh Properties PLC Justin Bickle (CEO) Michael Rice (CFO) Conor Murtagh (Director, Strategy & IR) |
Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 |
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 and institutional 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.
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