Glenveagh Properties Targets 2,750 Units in 2024, Expands Buyback to €50M

Dublin-listed Glenveagh Properties expects to deliver approximately 2,750 units this year. The company reported a closed and forward order book of €1.5 billion across its homebuilding and partnerships segments, up from €1.3 billion on March 10th, providing strong visibility through 2027. Over 1,828 homebuilding units are sold, signed, or reserved, an increase from 1,252 on March 10th, indicating robust demand.

The partnerships segment has an €800 million order book, underpinning an average annual gross profit contribution of at least €60 million. Glenveagh is on track to complete about €45 million in land sales in 2026, optimizing its portfolio for larger-scale development. The group successfully refinanced its debt facilities, increasing total committed funding to €550 million from €450 million.

This new funding includes a five-year €450 million revolving credit facility from existing lenders AIB, Bank of Ireland, Barclays, Home Building Finance Ireland, and new syndicate member ING. Concurrently, Glenveagh issued €100 million in seven-year private placement notes to MetLife. The company also expanded its share buyback program by an additional €25 million, bringing the total to €50 million. To date, approximately €25 million has been returned to shareholders from the program announced January 15th. Since 2021, Glenveagh will have returned about €465 million to shareholders upon completion of the current program.

The group reiterated an earnings per share guidance of up to 21 cent. Efficiency gains are protecting against build cost inflation, supporting an expected homebuilding gross margin exceeding 21 percent. CEO Stephen Garvey noted the strong position of the homebuilding order book and the growth of the partnerships business, confirming the company is on track to meet its full-year guidance with a positive outlook.