Glenveagh Properties PLC Forward Sale and Pre-let Transactions (8030T)
March 25 2019 - 2:00AM
UK Regulatory
TIDMGLV
RNS Number : 8030T
Glenveagh Properties PLC
25 March 2019
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 EUR38m 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:
Investors: Media:
Glenveagh Properties Gordon MRM
PLC Ray Gordon 087 241 7373
Justin Bickle (CEO) David Clerkin 087 830
Michael Rice (CFO) 1779
Conor Murtagh (Director, glenveagh@gordonmrm.ie
Strategy & IR)
investors@glenveagh.ie
-------------------------
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.
www.glenveagh.ie
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contact rns@lseg.com or visit www.rns.com.
END
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