Site Acquisition

Glenveagh announces the purchase of site at East Road

Dublin & London - 14 December 2017: Glenveagh Properties PLC (GLV ID, GLV LN) ("Glenveagh") a leading Irish housebuilder listed on the Irish and London Stock Exchanges has signed an unconditional legal contract to acquire a 2 hectare site in Dublin's North Docklands with the potential to deliver in excess of 450 residential units (subject to planning). The exact purchase price is commercially sensitive but is in excess of €40 million. The acquisition is expected to complete by year end.

This acquisition marks Glenveagh's first in Dublin's docklands, one of the city's major urban hubs and re-generation areas. It is located in close proximity to the city's International Financial Services Centre and the 'Silicon Docks'. The site is known locally as "East Road".

Commenting on today's announcement, Glenveagh Co-Founder and CEO Justin Bickle said:

"This acquisition will give us first mover advantage to deliver a significant number of residential units in Dublin's North Docks where there is exciting regeneration potential. This acquisition demonstrates our ability to deploy the equity proceeds from our IPO in a timely fashion.

Over the course of the past eight weeks we have increased our contracted employee headcount from 85 at the time of IPO to 116 as we have built out our corporate and operational capabilities and are now active on five construction sites, rising to seven during Q1 2018. We are on course to become a residential delivery platform of scale and look forward to announcing additional site acquisitions in 2018."

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Note to Editors

Glenveagh Properties PLC develops and builds starter, mid-size and executive/high-end homes (both houses & apartments) in Ireland. Glenveagh offers a platform that combines a landbank in Ireland (mainly in the Greater Dublin Area), with an award-winning developer and a sector-leading senior management team. In addition to developing its own land, Glenveagh augments its operations with joint venture and partnership arrangements to develop residential schemes on land owned by third parties via its Glenveagh Living division. www.glenveagh.ie 

This information is provided by RNS

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