Glenveagh Properties PLC, 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 the 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.”
