Glenveagh Thinks It Is A Golden Era For Irish Housebuilders
"The current market conditions in Ireland are among the most attractive I have seen globally in my career to-date,” Glenveagh CEO and co-founder Justin Bickle said this week.
Following its initial public offering in October, Oaktree-backed Glenveagh Properties is now in the best condition to invest heavily into the housing market.
From August to December, the company generated revenue of €1.4M including a gross profit of €524K.
"We have smartly invested nearly €300M of the cash proceeds in very attractive multi-year land sites," Bickle said.
Two portfolios recently snapped up by the housebuilder have the potential to deliver 2,235 residential units.
The €106M portfolios include development sites in Donabate and Tallaght in Dublin, Bray in Wicklow, Dunboyne and Stamullen in County Meath and Galway city.
The housebuilder also said it will have more than 700 units under construction this year through the Glenveagh Homes division with a separate development pipeline of more than 1,200 units being developed for rental communities through Glenveagh Living.
The company confirmed its decision to start the sale process of the group's Dundrum apartments.
Glenveagh raised €550M to fund land deals and housebuilding when it listed on the stock exchange last October.
