Singapore’s GIC backs Irish developer Glenveagh Properties

Lim Chow Kiat, chief investment officer of GIC Pte, gestures as he speaks at the Milken Institute Asia Summit in Singapore, on Friday, Sept. 19, 2014. Chief executive officers, senior government officials and leading figures in the global capital markets convened at the global conference's inaugural summit in Asia. Photographer: Bryan van der Beek/Bloomberg *** Local Caption *** Lim Chow Kiat

Singapore’s sovereign wealth fund (SWF) GIC has emerged as a major shareholder with a 10.2 per cent stake in Irish residential property developer Glenveagh Properties that recently conducted an IPO.

Glenveagh Properties was established through the merger of the assets of US private equity firm Oaktree Capital and Maynooth-based builder Bridgedale. The company operates as a homebuilder that develops single and multi-family houses and apartments. Oaktree Capital continues to be a shareholder in Glenveagh.

It serves customers in Ireland and has been operating since 2003. It develops and builds starter, mid-size and executive and high-end homes – both houses and apartments – in Ireland either for itself or on behalf of third parties.

Glenveagh’s share price surged more than 14 per cent on its debut. This pushed the value of the Dublin-based company from an initial EUR 617 million ($729.3 million), following the firm raising EUR 500 million ($591.6 million) in an IPO, to EUR 704.6 million ($832.9 million). This market capitalisation will increase if Credit Suisse and Davy exercise an option to place an additional 50 million shares on the market within 30 days of public float. Shares were sold in the IPO at a price

This market capitalisation is set to be boosted should an option to place an additional 50 million shares on the market within 30 days of its public float be exercised.

Such a move will dilute GIC’s interest in Glenveagh from 10.2 per cent to 9.4 per cent, should the additional shares be placed. Another Irish firm in which GIC has a major interest is the telecom firm Eir, in which it has a 20.6 per cent stake.

The move to place additional shares on the market will see Oaktree hold 16.5 per cent of Glenveagh, while Fidelity International and JP Morgan Asset Management will each own 4.5 per cent. Hedge fund Lansdowne Partners will own just over 3 per cent.

The backing of GIC in the Irish developer comes at a time when Singaporean investors are showing increasing interest in the Irish property market. With an appetite for medium and long-term returns.

Dublin, the capital of Ireland, has been ranked third – behind Singapore and London – for attracting foreign direct investment on the Global Cities of the Future 2016/17 Index, which is published by the Financial Times on a bi-annual basis. Notably, it has been growing as a hub for software development and information technology.

Also Read:

Singapore: GIC to acquire large minority stake in Irish telco Eir

GIC, others discussing acquisition of stake in Spain’s Telxius

Singapore: GIC completes stake buy in Philippines’ EDC, picks 9% in Sweden’s Verisure

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.