Glenveagh Properties Buys 2 Land Portfolios, Reports Large Loss

LONDON (Alliance News) - Irish house builder Glenveagh Properties PLC on Tuesday reported a ...

Alliance News 13 March, 2018 | 4:43PM
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LONDON (Alliance News) - Irish house builder Glenveagh Properties PLC on Tuesday reported a large pretax loss for the five month period since incorporation and said that it has acquired two substantial land portfolios capable of delivering 2,235 units across seven development sites.

Glenveagh Properties has acquired two land portfolios, Project Quattro and Project Town, comprising between them an additional EUR106 million cash investment.

The company, which raised EUR500.0 million in its initial public offering on the Dublin and London stock exchanges in October 2017, recorded a pretax loss of EUR52 million for the period from August 9, 2017, to December 31, 2017, thanks to an equity-settled share-based payment expense of EUR47.5 million. Revenue for the period totaled EUR1.4 million.

The share-based payments were allocated to John Mulcahy and Justin Bickle, the founders of the company, and to certain members of the management team. The founders subscribed for 200 million shares in the company's stock offering.

"I am delighted with our progress in the few short months since we completed the IPO. We have smartly invested nearly EUR300 million of the cash proceeds in very attractive multi-year land sites. We will commence construction on over 700 units in our first full year of operations, and we already have a market-leading organisation and trusted brand," Glenveagh Co-Founder and CEO Justin Bickle said.

Shares in Glenveagh Properties closed at 1.12 Euro cents, up 0.6%.

By Natalie Leonidou; natalieleonidou@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Glenveagh Properties PLC 1.03 EUR -0.19 -
Glenveagh Properties PLC 1.03 0.39 -
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