Glenveagh Properties seek stock market funding to build 2,000 homes

Glenveagh Properties

Glenveagh Properties, a new Irish housebuilder backed by US private equity firm Oaktree Capital, is seeking finance for housing development by raising funds on the Dublin and London stock markets.

Glenveigh, which comprises properties accumulated by Oaktree Captial in Ireland as well as the assets of Maynooth builder Bridgedale, has approximately 1,700 shovel-ready units. It states it has plans to build at least 1,000 homes a year by 2020, and 2,000 houses and apartments a year in the longer term.

Glenveagh Properties Management Team

The company, whose chairman is John Mulcahy, a former senior official with the National Asset Management Agency, was set up in August of this year and plans to raise €550m from the markets. Other senior management team positions held in the company include Justin Bickle, (Chief Executive Officer) formerly of Oaktree Capital, and Stephen Garvey, (Chief Operating Officer), who is also Chief Executive of Brigdale.

 

The company is planning to build medium-size houses and apartments in the Dublin area. It will have a separate division that will focus on the delivery of apartments and houses through joint ventures with State Agencies and institutional investors in the rental market.

 

It is just over two years since Cairn Homes raised €440 million in the first IPO of an Irish homebuilder since the late 1990s.

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