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.