Glenveagh Properties PLC Completes acquisition of eleven development sites (7701W)

TIDMGLV

RNS Number : 7701W

Glenveagh Properties PLC

17 November 2017

Glenveagh completes acquisition of eleven development sites

Dublin & London - 17 November 2017: Glenveagh Properties PLC (GLV ID, GLV LN) ("Glenveagh") a leading Irish housebuilder listed on Irish and London Stock Exchanges today provides the following update on its development site activities.

Glenveagh has completed the acquisition of eleven development sites. Glenveagh estimates that, subject to the requisite planning permissions being obtained, these eleven sites have the potential to support up to 1,319 units. The eleven sites are:

 
 1     Proby Square, Off Carysfort             9 sites 
        Avenue, Blackrock, County Dublin         from 
                                                  the 
                                                12-site 
                                                Project 
                                                 Kells 
                                               portfolio 
----  -------------------------------------  ----------- 
 2     20 Shrewsbury Road, Ballsbridge, 
        Dublin 
----  -------------------------------------  ----------- 
 3     Burkeen Road, Keatingstown, 
        County Wicklow 
----  ------------------------------------- 
 4     Church Lane, Greystones, County 
        Wicklow 
----  ------------------------------------- 
 5     Old Connaught Avenue, Rathmichael, 
        County Dublin 
----  ------------------------------------- 
 6     Great Connell Abbey Stud, Newbridge, 
        County Kildare 
----  ------------------------------------- 
 7     Quinns Cross, Mungret, County 
        Limerick 
----  ------------------------------------- 
 8     Parson Street, Maynooth, County 
        Kildare 
----  ------------------------------------- 
 9     Castleredmond, Midleton, County 
        Cork 
----  -------------------------------------  ----------- 
 10    Two adjoining sites at Naul 
  +     Road, Balbriggan, County Dublin 
  11 
----  -------------------------------------  ----------- 
 

Nine of these sites were identified in the Prospectus as part of a portfolio of twelve sites called "Project Kells". The acquisition of the remaining three sites in this portfolio is expected to complete in due course upon the fulfilment of various legal formalities. The two sites included in the above list which are located at Naul Road were identified as "Potential Sites" in the Prospectus and were subject to exclusivity arrangements.

The sites detailed above are in addition to fourteen Conditionally Acquired Sites identified in the Prospectus as being acquired from TIO RLF and a site at Ballyboughal, County Dublin also identified in that document. The site at Ballyboughal was acquired as part of the acquisition of Braddington Developments Limited. Completion of these acquisitions took place shortly after Admission as guided in the Prospectus. These fifteen sites have the potential to support 2,008 units.

To date Glenveagh has invested approximately EUR83 million in cash (net of costs and expenses) on the acquisition of sites. As set out in the Prospectus, the sites acquired from TIO RLF were acquired via a share transaction.

Speaking today, Justin Bickle, Co-Founder and CEO of Glenveagh said:

"We have been very busy since our listing last month on the London and Irish Stock Exchanges developing our various plans, progressing discussions towards the acquisition of various sites and informing the local market about our ambitions to deliver houses and apartments for third parties through Glenveagh Living. Alongside this, we have been busy building out the company's corporate infrastructure, hiring new staff, integrating Bridgedale's operations and re-branding them as Glenveagh Homes. We are delighted with the positive reaction we have received in the market so far and look forward to reporting more progress in due course."

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) 
                            [e-mail] 
  [e-mail] 
------------------------  ------------------------ 
 

About Glenveagh

Glenveagh Properties PLC develops and builds starter, mid-size and executive/high-end homes (both houses & apartments) in Ireland. We offer a platform that combines a land bank in Ireland, mainly in the Greater Dublin Area, with an award-winning developer that has significant development experience and expertise. In addition to developing our own land, we augment our operations with joint venture and partnership arrangements to develop residential schemes on land owned by third parties via our Glenveagh Living division.

Forward Looking Statements

This Announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements speak only as at the date of this Announcement. The Group will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 17, 2017 02:00 ET (07:00 GMT)