Glenveagh Properties has confirmed the completion of the sale of the residential and second hotel sites at its Castleforbes site in the Dublin Docklands for €78.5m to a subsidiary of Eagle Street Partners Group.
Eagle Street was founded by Justin Bickle and Shane Scully in December 2020.
The overall Castleforbes site was bought by Glenveagh in 2018 and after extensive planning and designing, the site now consists of two hotels, 20,000 square feet of office space and 700 residential units.
Earlier this year, Glenveagh completed the €70m sale of the 262 bed Premier Inn hotel in Castleforbes to Union Investment through a forward fund arrangement.
Glenveagh said it has now made significant progress in monetising the overall Castleforbes development.
It said it has reduced its risk while allowing the business to focus on delivering additional units in the core/ repeatable business segments and significant forward fund opportunities elsewhere in the urban portfolio.
The company also announced a share buyback programme today. It said it intends to repurchase ordinary shares of €0.001 each for a maximum consideration of €100m.
It said the buyback will start later today and may continue until the end of December 2022 subject to market conditions, the ongoing capital requirements of the business and the approval at an intervening extraordinary general meeting.
The company said the purpose of the proposed buyback is to return excess capital to shareholders by reducing the share capital of Glenveagh and all shares repurchased will be cancelled.
Glenveagh shares moved higher in Dublin trade today.
