Acquisition Statement

McInerney Holdings PLC
03 August 2006





Thursday, 3rd August 2006



McINERNEY HOLDINGS PLC ACQUIRES

BOWEY HOMES HOLDINGS LTD IN FURTHER UK EXPANSION



McInerney Holdings plc ('McInerney' or 'the Group') is pleased to announce the
acquisition of UK based Bowey Homes Holdings Limited ('Bowey') a regional home
builder in the North East of England, with immediate effect.



Based in Gateshead, Bowey was founded in 1907 and operates in the Newcastle,
Sunderland, Durham, Consett and Northumberland areas.  Bowey specialises in
developing a mix of brownfield and greenfield sites.  Its activities are focused
on providing homes for the owner occupier market.  Bowey has an established
reputation as one of the leading quality home builders in the North East region
of England.  Post acquisition, Bowey will operate as part of the McInerney Homes
North Eastern region.



Barry O'Connor, Managing Director, McInerney Holdings plc stated today:



            'This acquisition is an acceleration of our UK expansion plans.  It
significantly increases our area of operation in the North East of England.  The
Bowey area of operation has virtually no overlap with our existing operations in
the North East.  The acquisition is expected to immediately enhance earnings.
It significantly adds to our UK operational capability, product mix and
management team.  McInerney already has a strong presence in the North East of
England housing market with a population of almost 3 million people and annual
home completions of circa 8,000 homes per annum.  This acquisition will enable
the Group to take best advantage of an enlarged landbank and pipeline of land
opportunity to meet housing demand in this market.'



Consideration

Total consideration of £23.6 million (ca. €34.52m) is payable upon completion
plus the assumption of net bank debt liabilities of £6.94 million (ca. €10.15m).



Business

Bowey is an established regional home builder and is currently active on 13
sites involving 397 units.  Bowey also has a pipeline of landbank opportunities
involving 5 sites representing circa 200 potential units.  Bowey has deposits on
hand for 60 house completions.  Annual completions have averaged at 135 in
recent years.



Bowey Financial Results

Bowey reported a profit before tax of £3.847 million (ca. €5.627m) for the year
ended 31 October 2005.  Net assets at the last audited financial accounts for
the year ended 31 October 2005 were £10.768 million (ca. €15.750m).



ENDS

FOR INFORMATION:

Mary McCarthy/Avril Collins                             Tel: 00 353 (01) 676 01
68 or

Weber Shandwick FCC                                    (0)86 256 8429 / (0)86
396 4368









About McInerney Holdings plc

McInerney Holdings plc is one of Ireland's leading development companies, with
divisions specialising in various aspects of the construction market. McInerney
Holdings plc comprises four divisions operating in Ireland, Spain and the United
Kingdom. The company is Ireland's largest national homebuilder, and undertakes
extensive commercial and leisure projects both in Ireland and abroad. The
company is listed on the Dublin and London Stock Exchanges (ISE: MCI.I/LSE:
MCI). See www.mcinerney.ie for further information.





This announcement has been issued through the Companies Announcement Service of

                            the Irish Stock Exchange


                      This information is provided by RNS
            The company news service from the London Stock Exchange