REG - Glenveagh Properties - Completion of Docklands Transaction with LDA

Glenveagh PropertiesAnnouncement

24/02/2025 07:00

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RNS Number : 1755Y  Glenveagh Properties plc  24 February 2025

 

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
million(1). 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:

 Investors:                               Media:
 Glenveagh Properties plc                 Gordon MRM

 Conor Murtagh, Chief Financial Officer   Ray Gordon

                                          David Clerkin

 

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 (http://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).

 

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