Glenveagh house builder plans to raise €550m

Glenveagh Properties, which plans to become only the country’s second listed housebuilder after Cairn Homes, said it aims in time to achieve a gross margin of 20% on operations.

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.