ING and MetLife Investment Management join existing consortium of AIB, Bank of Ireland, Barclays and Home Building Finance Ireland to support homebuilder’s growth plans

Glenveagh Properties plc, the leading Irish homebuilder, today provided an update on its year-to-date trading and outlook, in advance of its AGM which takes place in Dublin later this morning.

The company is reiterating FY 2026 EPS guidance of up to 21 cent, reflecting growth in completions, a rising contribution from the Partnerships business segment, and disciplined cost control. The full trading update can be viewed here.

Performance at the company continues to demonstrate momentum, with 2,750 home completions expected in 2026.

In addition, the company has announced it has successfully increased funding through the expansion of its debt facilities from €450 million to €550 million with support from AIB, Bank of Ireland, Barclays, Home Building Finance Ireland (HBFI), ING, and MetLife Investment Management (MIM). These facilities will significantly increase Glenveagh’s available funding, supporting the activation of its 19,000-unit landbank and the annual delivery of 2,750 to 3,600 units through to 2030.

Positive performance continues in 2026

The company’s closed and forward order book now stands at €1.5bn, up from €1.3bn on 10 March 2026. Year-to-date performance shows continued momentum across the company’s two business segments: Homebuilding and Partnerships.

Between these two divisions, Glenveagh is confident of delivering equivalent home deliveries of approximately 2,750 units in 2026.

The Homebuilding business division, which delivers own-door single-family homes in Ireland, primarily in Dublin and the Greater Dublin Area, progressed firmly in line with expectations, with over 1,828 units either sold, signed or reserved, up from 1,252 on 10 March.

The Partnerships business division, which provides a mix of suburban single-family and urban multi-family developments, has an orderbook of approximately €800 million, continuing to underpin an average annual gross profit contribution of at least €60 million. Partnership developments are often funded or acquired by the State or State entities.

The Irish residential housing market remains supportive, underpinned by a resilient domestic economy, continued government commitment to housing delivery, and sustained structural demand for high-quality, affordable homes across all tenures. Notwithstanding global macroeconomic circumstances, the company’s consistent and continuous investment in standardisation, vertical integration and innovation are delivering tangible efficiency gains across design, procurement, and site delivery, helping to provide effective protection against build cost inflation.

Increased funding through successful refinancing of debt facilities

As part of today’s update, the company has announced that it has completed the successful refinancing of its debt facilities, increasing total committed funding to €550 million. €450 million of this funding will be delivered by a Revolving Credit Facility (RCF) from existing syndicate members AIB, Bank of Ireland, Barclays and HBFI, alongside ING, which joins the syndicate.

In conjunction with the RCF refinancing, Glenveagh has issued €100 million of seven-year private placement notes to MIM, further broadening its lender base, introducing long-dated institutional capital, and enhancing financial flexibility.

This is the first time that ING and MIM have joined the debt providers to Glenveagh and reflects the improving attitude of international lenders to the Irish housing market.

AIB acted as lead bank, mandated lead arranger and agent for the refinancing.

Stephen Garvey, CEO, Glenveagh commented: “We have made a strong start to 2026, building on the momentum from the second half of last year. Our Homebuilding order book is well-positioned, with multiple new site launches and robust reservation rates across all our selling developments. The Partnerships business continues to grow at scale, cementing Glenveagh as the partner of choice for the State in delivering the homes Ireland needs. Underpinned by our standardised, vertically integrated model, strong land portfolio and clear planning visibility, we remain confident in delivering our full year guidance, with the outlook for the years ahead remaining positive.

This strong position of our business, coupled with the improved and supportive environment for homebuilding in Ireland over the last year, has been an important factor in successfully attracting additional funding to our business. I want to acknowledge the commitment of our longstanding banking partners that have been instrumental in supporting the growth of our business since IPO. The addition of ING to the banking syndicate and the issuance to MIM is extremely positive and will assist us in further driving the delivery of much needed homes in Ireland. In our view, it is also a positive signal that, in addition to our own capability, Ireland now has a policy environment in place to attract the international capital that is required to move the dial on housing supply.”

John Delahunty, Head of AIB Real Estate Finance, said: “AIB has had a long-standing and committed relationship with Glenveagh since its IPO in 2017. We both share the same passion for sustainable communities and so we were delighted to provide a multi-faceted and comprehensive solution to Glenveagh by acting as lead bank, mandated lead arranger and agent for this refinancing.This will not only provide A-rated, energy efficient units, but it will help create new homes and thriving communities. At AIB we remain steadfast in our commitment to continue providing solutions for house builders like Glenveagh and determined to increase our funding for the residential market.”

Kevin Baxter, Head of Property Finance, Bank of Ireland, said: “Core to Bank of Ireland’s housing strategy is to support the sustainable delivery of new homes at scale by working with experienced and proven partners such as Glenveagh. We are delighted to support this new and expanded €550 million financing package, which will provide the certainty required to plan and build with confidence, helping Glenveagh to turn its extensive landbank into thousands of new homes each year.”

Dara Deering, CEO, HBFI, commented: “HBFI is pleased to continue its support for Glenveagh as part of this refinancing, which will facilitate the company in delivering more homes. We also welcome the participation of the new lenders, which will further enable activity at scale across the sector.”

Maurice Kenny, Head of Sectors, ING Ireland said: “ING is delighted to support Glenveagh with this new financing, which future-proofs the business for continued growth in the Irish residential property market. This transaction also reflects ING’s growing commitment to Ireland and to supporting the delivery of much needed housing infrastructure.”

Colin McGinlay, Head of European Corporate Private Placements, MIM, commented: “We are thrilled to partner with Glenveagh and look forward to supporting the company’s long-term growth objectives. Through this partnership, we’re proud to help contribute to homebuilding across Ireland.”

Glenveagh will release its 2026 Interim Results on Thursday, 10 September 2026.