24
February 2025
Glenveagh Properties
plc
Completion of Cork Docklands
Forward Fund Transaction with Land Development
Agency
Glenveagh Properties plc
("Glenveagh" or the "Group") has finalised its sixth active
Partnership transaction with the sale of 337 apartments agreed with
the Land Development Agency ("LDA") at Cork Docklands.
Glenveagh entered a tender process
called "Tosaigh 2" with the LDA in 2023. A Framework Panel of
Developers was formed in September 2024, including with Glenveagh,
and the Cork Docklands site was selected for completion.
The Group has now completed the sale
of 337 apartments to the LDA via a forward fund transaction for a
total consideration of approximately €150 million1. This
transaction follows the successful grant of planning permission at
the site for an additional 176 units bringing the total available
homes to 1,178.
Construction is already progressing
on site and the transaction represents the sixth active project for
Glenveagh's Partnerships division, following the successful award
of three additional partnerships in 2025, including the sale at
Brownsbarn, Dublin announced in January for 139 apartments (€52
million).
CEO
of Glenveagh Stephen Garvey commented:
"Our completion of the Cork
Docklands transaction with the Land Development Agency marks a
significant milestone for Glenveagh. The partnership underscores
our commitment to delivering high-quality homes and highlights our
strategic focus on public-private collaborations and our ability to
execute large-scale projects efficiently. With construction already
progressing on site, this project represents the sixth active
initiative for our Partnerships division, further solidifying our
position as a leading homebuilder in Ireland. We would like to thank Cork City Council and the LDA for their
proactive engagement in helping deliver this
development."
Note 1: Inclusive of VAT
ENDS
For
further information please contact:
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Investors:
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Media:
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Glenveagh Properties plc
Conor Murtagh, Chief Financial
Officer
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Gordon MRM
Ray Gordon
David Clerkin
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Notes to Editors
About Glenveagh Properties plc
Glenveagh Properties plc, listed on
Euronext Dublin and the London Stock Exchange, is a leading Irish
homebuilder.
Supported by innovation and our
internal manufacturing capability, Glenveagh is committed to
opening access to sustainable, high-quality homes to as many people
as possible in flourishing communities across Ireland.
We are focused on two core areas to
achieve this: Homebuilding and Partnerships. Our Homebuilding division is the leading
provider of own-door single-family homes primarily in Dublin and
the Greater Dublin Area. Our Partnerships division focuses on
creating vibrant communities nationwide through a mix of suburban
single-family and urban multi-family developments. Often funded or
acquired by the state or state entities, these projects enable us
to deliver affordable and high-quality housing options for
everyone.
For more information, visit
www.glenveagh.ie.
Forward-looking statements
This announcement does not constitute
or form any part of an invitation to underwrite, subscribe for or
otherwise acquire or dispose of any shares of Glenveagh
Properties plc (the "Company" or "Glenveagh").
This announcement contains statements
that are, or may be deemed to be, forward-looking statements.
Forward-looking statements include, but are not limited to,
information concerning the Company's possible or assumed future
results of operations, plans and expectations regarding demand
outlook, business strategies, financing plans, competitive
position, potential growth opportunities, potential operating
performance improvements, expectations regarding inflation,
macroeconomic uncertainty, geopolitical tensions, weather patterns,
the effects of competition and the effects of future legislation or
regulations. Forward-looking statements include all statements that
are not historical facts and can be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "anticipate", "project", "estimate", "intend",
"continue", "target", "ensure", "arrive", "achieve", "develop" or
"believe" (or the negatives thereof) or other variations thereon or
comparable terminology. Forward-looking statements are prospective
in nature and are based on current expectations of the Company
about future events, and involve risks and uncertainties because
they relate to events and depend on circumstances that will occur
in the future. Although the Company believes that current
expectations and assumptions with respect to these forward-looking
statements are reasonable, it can give no assurance that these
expectations will prove to be correct. Due to various risks and
uncertainties, actual events or results or actual performance of
the Company may differ materially from those reflected or
contemplated in such forward-looking statements. You are cautioned
not to place undue reliance on any forward-looking
statements.
These forward-looking statements are
made as of the date of this document. The Company expressly
disclaims any obligation to update these forward-looking statements
other than as required by law.
The forward-looking statements in
this announcement do not constitute reports or statements published
in compliance with any of Regulations 6 to 8 of the Transparency
(Directive 2004/109/EC) Regulations 2007 (as amended).
