Glenveagh sells site for EUR63 million; begins share buyback programme

Wed, 01st Jun 2022 12:19

(Alliance News) - Glenveagh Properties PLC on Wednesday said it has sold its East Road site, in the Dublin docklands, and is now planning to initiate a EUR75 million share buyback programme.

Shares in the Dublin, Ireland-based homebuilder were up 4.5% to 0.97 pence each in London on Wednesday midday.

Glenveagh said that it has sold East Road for EUR63 million cash. The company added that it has now generated EUR210 million from the Dublin docklands via three separate transactions.

The company also announced that it has identified EUR75 million as excess capital which it plans to return to shareholders in the form of a share buyback programme. This is part of its strategy to improve capital efficiency.

This is Glenveagh's third share buyback, it noted. Combining the three, the total capital returns announced since the 2021 annual general meeting is now EUR260 million.

By Sophie Rose; sophierose@alliancenews.com

Glenveagh