New housebuilder being prepared for flotation has been named Glenveagh Proprties
Three directors behind a new Irish housebuilding company being prepared for a €350 million initial public offering by US private equity group Oaktree are set to benefit from a multimillion-euro share incentive scheme, The Irish Times has established.
A company called Glenveagh Properties, which was established in recent weeks, is the vehicle that is being lined up for flotation, according to sources familiar with the plan. The firm will have to change its structure from a limited company to a public limited company before the initial public offering (IPO), which is expected to take place within the next six weeks, following an investor roadshow in September.
Oaktree, among the most active buyers of distressed Irish property loans and assets in recent years, has been working for some time with Maynooth-based builder Bridgedale, led by Stephen Garvey, on a plan to combine assets in a vehicle and float it on the stock market to take advantage of a shortage of homes in the Republic.
The Irish Times reported in July that Justin Bickle, a managing director with Oaktree’s European operation in Dublin, was preparing to take on the role of chief executive, while former Nama executive John Mulcahy was being…