Friday 20 October 2017

Glenveagh's €550m IPO fully subscribed ahead of listing

Glenveagh Properties new COO Stephen Garvey and CEO Justin Bickle, the MD of Oaktree. The new company will float on the Dublin and London stock markets next Tuesday
Glenveagh Properties new COO Stephen Garvey and CEO Justin Bickle, the MD of Oaktree. The new company will float on the Dublin and London stock markets next Tuesday
Donal O'Donovan

Donal O'Donovan

Housebuilder Glenveagh Properties' stock market listing is already fully subscribed - with almost a week to go before the stock is due to begin trading in Dublin and London.

The planned initial public offering (IPO) will raise €550m, as planned, to fund housebuilding and the business will combine US distressed debt investor Oaktree's development sites, with scope to produce 1700 homes, with the operations of Maynooth-based housebuilder Bridgedale.

Oaktree executive Justin Bickle will take on a full time role as Glenveagh CEO following the deal, and is understood to have already relocated to Ireland from the UK to head up the new company.

The fundraising is the second-biggest Irish IPO since the crash - after June's €3.5bn AIB deal.

The listing will make Glenveagh the second Irish housebuilder to list shares, after Cairn Homes' €400m IPO last year.

Glenveagh said it will build 1,000 new units by 2020, and plans to deliver 2,000 units a year once it is in full swing.

Justin Bickle will leave Oaktree to lead Glenveagh as CEO, with Bridgedale's

Stephen Garvey as chief operating officer and property veteran and former Nama executive John Mulcahy as executive chairman.

All three will serve on the board of directors.

Glenveagh will focus on Dublin and the commuter belt, where Bridgedale is already active, and has committed one-third of the IPO proceeds to 27 sites it has agreed to buy.

Bridgedale will also be acquired using the proceeds of the listing.

As well as its own sites, Glenveagh will contract build for public sector and private landlords.

Irish Independent

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