Glenveagh Properties completes purchase of sites in Dublin and Cork

• Glenveagh complete purchases of sites in Dublin and Cork with capacity for 265 residential units
• Company now has landbank with capacity for 11,634 residential units in Ireland
• On target to complete 250 residential sales this year
• 800 homes under construction during 2018 across 14 sites
• Cost price inflation guidance maintained at c.4%

Tuesday 13 November 2018.  Glenveagh Properties PLC (“Glenveagh” or the “Company”) has completed two infill acquisitions in Dublin and Cork for a combined cost of c. €20 million capable of delivering over 265 residential units.  Glenveagh is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange.  The firm employs 240 people and has a network of over 1,000 sub-contractors.

Including the acquisitions disclosed today, the Company’s landbank is now capable of providing 11,634 residential units.  53% of these units are located in Dublin and 83% are located in the Greater Dublin Area (“GDA”).  

Glenveagh says it has “strong visibility” on deploying the remainder of the proceeds raised in the recent Capital Raise within nine months.

The Company has also confirmed that 800 homes are under construction during 2018 on 14 sites owned by the Company and that it is on track to complete the sale of 250 new homes this year.  

Glenveagh says that all sites required to deliver its 2019 targets are now open for construction and that it remains on course to complete a minimum of 2,500 units by 2023 across its two divisions, Glenveagh Homes and Glenveagh Living.

Glenveagh has published its conference season presentation “Pathway to our 2020 Targets” on its website www.glenveagh.ie/investors together with a video showing the latest construction progress on its sites.