Glenveagh Properties to build 2,000 homes
Glenveagh Properties is set to build 1,000 per year by 2020, and 2,000 homes in the long term.
The company, which was set up in August of this year, will fund the housebuilding from funds raised on the stock markets in Dublin and London.
It is expected that joining the stock market will allow the company, whose chairman John Mulcahy is a former senior official with the National Asset Management Agency, to raise €550m in investment funds.
Justin Bickle, formerly of Oaktree Capital, is the company’s chief executive, while the position of chief operating officer at Glenveagh Properties has been taken by Stephen Gravey.
The houses are expected to be built in the Dublin area, and the company said that it will focus on medium size houses and apartments.
The company will have a separate division that focuses on the delivery of apartments and houses through joint ventures with state agencies and institutional investors in the private-rental market.