Irish housebuilder Glenveagh Properties has completed deals to acquire four development sites that are expected to deliver more than 870 residential units.
Two of the sites - at Brook Lane in Rush, Co Dublin and Millennium Park in Naas, Co Kildare - will have the capacity for in excess of 660 units and cost an aggregate amount of €29.5m.
The Naas acquisition is expected to close early in the New Year.
Additionally, Glenveagh has completed the acquisition of two sites in Bray and Midleton that were identified in the Prospectus as part of a portfolio of 12 sites named ‘Project Kells’.
These two sites are expected to deliver 210 residential units.
All four sites are located near key transportation links in areas of strong demand for housing within the Greater Dublin Area and Cork.
Company Co-Founder and CEO Justin Bickle said: "The additional site acquisitions announced this morning demonstrate the success of Glenveagh’s recent engagement in the land market and represent a strong end to the year.
"The vast majority of our land acqusitions have been through bilateral off market transactions, although we have also won both tenders
we have participated in.
"In the ten weeks since IPO, we have increased the size of our land bank from c 3,000 units to over 4,700 units, at an average cost of €57,000 per unit, and have now deployed over €150m of our IPO proceeds."
