Glenveagh house builder plans to raise €550m

The company, which is chaired by former Nama senior executive John Mulcahy, aims to sell €550m in shares through a placing next week.
It brings together lands in the Dublin area owned by US fund Oaktree Capital with builder Bridgedale, which was founded by Stephen Garvey almost 15 years ago.
The firm said it will use the proceeds from the sale to buy Bridgedale for €2.6m in shares and to purchase “conditionally acquired sites”.
The rest of the funds will be used to help purchase additional sites.
The conditionally acquired lands involve 27 sites, 14 of which will be purchased from Oaktree for over €131m, which, it said, could deliver 3,020 homes.
The payment includes a €21m cash payment to buy out a sales interest held by Sisk in a development.
Some 12 sites comprise a cash payment of €44.4m linked to a Project Kells portfolio, and one further site which is owned by Mr Garvey and a development company.
It said it has also identified over €1bn in potential sites it could acquire over the next 12 months, including in west and north Dublin.
Three managers — Mr Mulcahy, Mr Garvey and chief executive Justin Bickle — will benefit from a share-based incentive scheme.
It said aims to “maintain consistent and disciplined focus on returns and margins, targeting a return on capital employed of at least 25% (from 2021 onwards) on a group-wide basis and...a gross margin of at least 20% once the company achieves scale”.