Glenveagh Properties PLC (“Glenveagh” or the “Group”) a leading Irish homebuilder listed on Euronext Dublin and the London Stock Exchange today announces that the Group has exchanged contracts with Irish Residential Properties REIT PLC (“I●RES”) whereby Glenveagh has agreed to forward sell 118 housing units to I●RES.
The transaction comprises two, three and four bed homes at Taylor Hill Balbriggan and Semple Woods Donabate. The Gross Development Value (“GDV”) is €38m with all units scheduled for delivery in 2019. This transaction was included in the 451 units sold, signed or reserved announced on 6 March.
Glenveagh’s development locations offer excellent transport links to Dublin City in established communities with proven employment in the surrounding area. As a result, houses and apartments in these locations are stable rental neighbourhoods which are attractive to institutional investors such as I●RES.
Separately, Glenveagh has entered into a pre-let transaction with Whitbread plc (“Whitbread”) for a proposed 250-bedroom hotel at Castleforbes in Dublin’s Docklands. The zoning for the site requires it to be developed as a mixed-use scheme. Securing a strong counterparty like Whitbread with a robust institutionally accepted covenant will add value to the overall project and provide Glenveagh with flexibility in the context of future exit options for Castleforbes.