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Laura Hutton/Photocall Ireland

A vulture fund is backing a big new Irish housebuilder - here's what we know so far

Glenveagh Properties is expected to list on the Irish Stock Exchange shortly.

HOUSEBUILDERS ARE A lot like buses – you wait ages for one to come along, and then two come at once.

Ireland’s Stock Exchange is set to get a new building firm, Glenveagh Properties, the second of its kind to join the index in the last few months after Cairn Homes’ recent listing in Dublin.

The Irish Times reported that the people heading it up will benefit from a multimillion-euro share incentive scheme to ensure that everything goes smoothly in establishing the new firm.

Housebuilders returning to the ISEQ is a significant development – as well as showing signs of a growing economy, it also shows that people think there’s plenty of money in Irish property.

But what exactly do we know about this new company? Here’s a quick rundown.

Backed by a vulture fund

Glenveagh Properties is being backed by Oaktree, a massive US private equity fund which has assets of more than $100 billion (€84 billion) under management.

Oaktree, along with other similar types of investors interested in Ireland, has been periodically described as a ‘vulture fund’.

It has been at the centre of controversy in several parts of the country for evicting tenants after taking over loans from Nama-indebted developers.

The firm is expected to be a minority shareholder when the housebuilding company lists on the public markets. It’s not known exactly how much of the business it’s likely to hold onto.

90406950_90406950 Homes under construction in Ballymun RollingNews.ie RollingNews.ie

Irish builders involved

Oaktree is working with Maynooth-based builder Bridgedale to set up Glenveagh. Bridgedale, which is led by Stephen Garvey, has focused on building houses in Dublin’s commuter areas.

Since its establishment in 2003, it has developed more than 200 housing units, and is profitable according to its most recent accounts.

John Mulcahy, previously the head of asset management at state ‘bad bank’ Nama, is also joining Glenveagh and is expected to serve as the company’s chairman.

Serious financial muscle

Being backed by Oaktree means that Glenveagh was always going to have money behind it.

The firm is reportedly planning to raise €350 million from investors during an IPO in a move that will give it a significant war chest. The new company is also expected to hold as much as €100 million in assets initially.

Many of these assets will likely be plots of land Oaktree has snapped up around the country, although it is expected that some Bridgedale assets will also be included.

It’s already up and running

While Oaktree has declined to say anything, plans for the new firm seem pretty advanced.

Glenveagh Properties Ltd was formally incorporated earlier this month. Stephen Garvey and John Mulcahy are both listed as directors, alongside Justin Bickle, a managing director in Oaktree’s European operation in London.

With things starting to fall into place, a listing on the Irish exchange in the near future looks likely. No doubt others both inside and outside the Irish property market will closely follow how it gets on.

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Written by Paul O’Donoghue and posted on Fora.ie

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    Mute Jules Lucas
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    Mar 4th 2013, 12:48 PM

    The impact of this scandal has done wonders for the local village butcher, which we are better off buying our meat from anyway in my opinion!

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    Mute Christmas Carroll
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    Mar 4th 2013, 12:56 PM

    Completely agree! Never mind the fact that at least you know what you’re getting is the real deal, it’s much healthier and tastes a hell of a lot better… Makes the extra money spent worth it!

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    Mute Figo murphy
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    Mar 4th 2013, 1:01 PM

    I agree. My local butcher is flying. He just bought a new car, he got rid of that old horse he used to go around on.

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    Mute Christmas Carroll
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    Mar 4th 2013, 1:03 PM

    Dammit Figo :-P

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    Mute Dodge Challenger
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    Mar 4th 2013, 12:53 PM

    Will this horse meat issue ever go away? It’s not that much of a big deal. Not to ruin any appetites but could you imagine the amount of little insects and other creatures that get minced in with the meat supply that we never know about.

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    Mute susanna smyth
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    Mar 4th 2013, 12:56 PM

    Burgers are tested for horse meat only. What other nasty could be in there disguised as beef ?

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    Mute Bo11ocks_to_this
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    Mar 4th 2013, 1:19 PM

    Did anyone else see the article from SA about water buffalo, horse and others found in beef. I’ll try find a link

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    Mute mcgoo
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    Mar 4th 2013, 1:15 PM

    A bit ironic that “Kanter” did the study eh?

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    Mute pat aherne
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    Mar 4th 2013, 1:21 PM

    When we were starting our then 18 month on meat (2years ago) my wife decided to get supermarket burgers just in case he did not like them – well to tell you the truth he pretty much threw the burger back at her. I said why not try butcher meat it will taste alot better and healthier for the child. She got a 1/4 pounder and he ate 2/3 of it. Hence even an 18 month old knew the taste of quality !!

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    Mute clareo79
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    Mar 4th 2013, 2:07 PM

    You gave an 18 month old a burger?!

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    Mute mister
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    Mar 4th 2013, 12:51 PM

    Interesting article. If I’m reading those stats correctly, does this indicate that ordinary local butchers have not experienced a bounce in trade? And if not, I wonder why?

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    Mute Hippocrateeth
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    Mar 4th 2013, 12:57 PM

    In other news, the number of horses commuting on the Dart has risen by over 800% in the past week. Community watch locals report a growing number of incidences involving horses some described as having ‘brazen attitudes’ and ‘brass balls’ towards concerned travellers waiting on the platforms for their respective trains. In a more striking example of the intimidation by the footloose horses, a 6-pack box of Silverdale frozen burgers was kicked at an elderly man’s head causing the man to curse loudly at the ebullient edible equine. The man was later taken for questioning. A file has been sent to the office of the DPP and a request for legal aid has been sought.

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    Mute Dave Kavanagh
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    Mar 4th 2013, 1:18 PM

    Great the media is loving this story and in doing so are systematically destroying one of Irelands core industries. Dont get me wrong I am totally for a free press but some of the sensationalism printed about this scandle (storm in a teacup) in relation to its connection with Ireland has been pure speculation and even when facts where established the Irish connection was still bigged up. Journal well done on being responsible and accurate if only other media would follow your example.

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    Mute Barry McSweeney
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    Mar 4th 2013, 3:22 PM

    If anyone is destroying one of Ireland’s core industries it is those who sold contaminated meat, the officials who refuse to admit that traceability “from farm to fork” is a lie, and the businessmen who refuse to speak publicly about what happened in their factories.
    Burying your head in the sand and “pulling on the green jersey” as you advocate will never work.

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    Mute АЛЕКСАНДРЪ ХАИШ
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    Mar 4th 2013, 5:47 PM

    Completely agree with you on this one, Dave!

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    Mute sid
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    Mar 4th 2013, 1:07 PM

    @ dodge

    I figure its a very big deal , nobody has any idea where what horses were used, could have used anything to bolster up the weight

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    Mute АЛЕКСАНДРЪ ХАИШ
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    Mar 4th 2013, 5:21 PM

    “FSAI” IS STILL WORKING ON CONTAMINATED MEAT PRODUCTS ???, WHILE THERE IS POISONOUS MILK AND DAIRY PRODUCTS RAPIDLY SPREAD ACROSS IRELAND! Disgrace!

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