Glenveagh CEO Garvey makes €4.6m from selling shares in housebuilder

Glenveagh Properties chief executive Stephen Garvey earned €4.6 million from selling four million shares in the listed Irish property developer on September 17th, new filings show.

In a notice to the stock exchange in Dublin, Glenveagh said Mr Garvey had sold the shares last week at €1.156 each. The company’s share price closed at €1.13 in Dublin on Monday.

Mr Garvey was central to the formation of Glenveagh in 2017 through the combination of his housebuilder Bridgedale with assets owned by US private equity group Oaktree. The new business was floated on the stock market later that year on the back of a €550 million initial public offering. Mr Garvey was initially chief operating officer, becoming CEO in 2019.

Remaining shares

Commenting on the share sale, a spokesman for Glenveagh said: “Stephen Garvey will continue to own 9.4 million shares in the company after this transaction. This is in addition to his founders’ shares. The transaction arises from the management of his personal investment portfolio.”

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His shareholding has reduced to about 1.2 per cent from 1.6 per cent previously. This is the first time Mr Garvey has sold any part of his shareholding in Glenveagh since the IPO. The shares were sold to open market buyers and not to the company, which has been buying back shares recently.

Glenveagh said last month that it has sold, signed, or reserved all the 1,150 homes that it expects to deliver in 2021. And it has already seen buyers reserve 300 homes that will not come on stream until next year.