Glenveagh eyeing up more sites for new houses

Recently floated builder Glenveagh Properties has spent €479 million buying land for house construction since it launched on the Irish stock market last October, the company said on Monday.

Glenveagh raised €500 million when it went public last year and a further €213 million from investors last month.

The company said that it has spent a total of €479 million buying land with the capacity for 11,730 dwellings since it began trading, almost one-third of which is ready for building.

Results for the six months to June 30th show that it earned €1.3 million in revenue from selling new homes and renting some of its sites.

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The company lost €8.16 million before tax overall, which included €8 million in administrative expenses, as well as set up and finance costs.

The company’s balance sheet shows total assets of €673.7 million on June 30th, including its €470 million inventory and €163 million in cash.

The company recently agreed a deal with its banks giving it the scope to borrow up to €250 million.

Glenveagh has begun building on 12 sites and expects work to get under way on a total of 800 new homes this year.

Co-founder and chief executive Justin Bickle said Glenveagh had got off to a strong start in opening sites and building houses and apartments.

Over the next six months the company plans to buy further suitable sites and to begin building on its land.