Glenveagh eyeing up more sites for new houses

Irish-listed property group has spent €479m on land with capacity for 11,730 dwellings

Recently floated builder Glenveagh Properties has spent €479 million buying land for house construction since it launched on the Irish stock market last October, the company said on Monday.

Glenveagh raised €500 million when it went public last year and a further €213 million from investors last month.

The company said that it has spent a total of €479 million buying land with the capacity for 11,730 dwellings since it began trading, almost one-third of which is ready for building.

Results for the six months to June 30th show that it earned €1.3 million in revenue from selling new homes and renting some of its sites.


The company lost €8.16 million before tax overall, which included €8 million in administrative expenses, as well as set up and finance costs.

The company’s balance sheet shows total assets of €673.7 million on June 30th, including its €470 million inventory and €163 million in cash.

The company recently agreed a deal with its banks giving it the scope to borrow up to €250 million.

Glenveagh has begun building on 12 sites and expects work to get under way on a total of 800 new homes this year.

Co-founder and chief executive Justin Bickle said Glenveagh had got off to a strong start in opening sites and building houses and apartments.

Over the next six months the company plans to buy further suitable sites and to begin building on its land.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas