Glenveagh Properties PLC Site Acquisition (2965Z)
December 14 2017 - 1:00AM
UK Regulatory
TIDMGLV
RNS Number : 2965Z
Glenveagh Properties PLC
14 December 2017
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 EUR40 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."
For further information please contact:
Investors: Media:
------------------------ ------------------------
Glenveagh Properties Gordon MRM
PLC
Ray Gordon 087
Justin Bickle 241 7373
(CEO)
David Clerkin
Michael Rice 087 830 1779
(CFO)
glenveagh@gordonmrm.ie
investors@glenveagh.ie
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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
The company news service from the London Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
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