Completion of Herbert Hill Sale

RNS Number : 2164V

Glenveagh Properties PLC

29 November 2019

 

29 November 2019

Glenveagh Properties PLC

Completion of Herbert Hill Sale

Glenveagh Properties PLC ("Glenveagh" or the "Company"), announces that it has completed the construction and subsequent sale of the Company's 90 unit apartment development at Herbert Hill, Dundrum, Dublin 14 ("Herbert Hill") to an institutional investor. The gross purchase price achieved was in excess of €55m.

Herbert Hill is situated in an unrivalled setting close to the Dundrum Town Centre with a range of amenities and services including the Luas light rail system within immediate reach. The scheme was completed within 24 months by Glenveagh's in-house construction team highlighting the speed at which Glenveagh is delivering homes to the market.

Since the development was first announced, Herbert Hill has attracted significant interest amongst institutional investors; demonstrating the appetite for accommodation delivered by a well-capitalised counterparty with strong construction experience.

Stephen Garvey, CEO of Glenveagh Properties PLC commented; "Herbert Hill has been a major priority for the Company over the past two years.  We are delighted to have brought this project to such a successful conclusion as part of our ongoing suburban and urban residential home building programme."

ENDS

For further information please contact:

Investors:	Media:
Glenveagh Properties PLC Michael Rice (CFO) Conor Murtagh (Director, Strategy & IR) [e-mail]	Gordon MRM Ray Gordon 087 241 7373 David Clerkin 087 830 1779 [e-mail]

Note to Editors

Glenveagh Properties PLC is a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange. With a focus on strategically located developments in the Greater Dublin Area, Cork, Limerick and Galway, the Company comprises two complementary divisions, Glenveagh Homes and Glenveagh Living.

Glenveagh Homes delivers high quality starter homes to its private and institutional customers with selective developments of mid-size and executive houses and apartments in areas of high demand.

Glenveagh Living delivers houses and apartments for the public sector and institutional investors. Its Partnerships business focusses on mixed-tenure and joint venture opportunities with the public sector in Ireland, while its PRS business delivers large-scale private rental product for institutional investors.

www.glenveagh.ie

 

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