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, writes Eamon Quinn.

The company, which is chaired by former Nama senior executive John Mulcahy, aims to sell €550m in shares through a placing next week.