LONDON (Alliance News) - Irish housebuilder Glenveagh Properties PLC said on Friday it is ahead of schedule in delivering its key IPO targets, including the acquisition of land and the construction and sale of houses.
Since its float on the London Main Market in October 2017, Glenveagh has deployed EUR404 million in land assets, with four further land acquisitions for the Homes & Living segment. As a result, the group's landbank now consists of 10,120 units, 31% of which are shovel-ready and 97% zoned residential.
Construction has begun on 12 sites for homes, with 700 residential units under construction and 800 more to be expected to be under construction by the end of 2018.
Glenveagh's sales activity has remained strong with 234 units signed or reserved since the start of January, and it is currently selling from six sites which will increase to eight sites during 2018.
The Homes segment is on target to deliver 250 completed and sold units by the year-end and the group's unit delivery targets of 725 and 1,000 in 2019 and 2020 has been derisked by the speed in which construction sites have been opened.
"Since last October when we created Glenveagh, we have made a fast start in turning land into built stock in a very favourable selling market. Using timber frames to construct our houses, benefiting from a strong and growing network of sub-contractors, and having assembled a sector-leading management team with a culture of innovation and capital discipline, we are well on our way to becoming a volume homebuilder and the leading residential delivery platform in Ireland," said Chief Executive Justin Bickle.
"While we expect the current favourable market conditions to continue for our core Homes business, in parallel through our Living division we are seeking to deliver mixed-tenure solutions, to address the public housing crisis, and other PRS solutions, having regard to the structural shift to rental in Dublin and other key cities," Bickle added.
Shares in Glenveagh Properties were up 0.7% at EUR1.15 on Friday.
Glenveagh (GLV)