Glenveagh Properties plc, an Irish homebuilding company founded by former Cadwalader, Wickersham & Taft financial restructuring partner Justin Bickle, raised €550 million last week through an initial public offering in Dublin and London.
The listing by Dublin-based Glenveagh is reportedly the second-largest so far this year on the Irish Stock Exchange. Bickle, who left Cadwalader’s London office in 2005 to become a managing director at alternative investment management firm Oaktree Capital Management LP, has turned to Slaughter and May to advise on his company’s flotation.
The Magic Circle firm is advising Glenveagh on its offering on the ISE and London Stock Exchange through capital markets partners Susannah Macknay and Jeff Twentyman and corporate tax partner Gareth Miles, all of whom are based in London.
Paul, Weiss, Rifkind, Wharton & Garrison is serving as U.S. counsel to Glenveagh through Mark Bergman, a London-based head of the Am Law 100 firm’s global securities and capital markets group. Glenveagh has tapped leading Irish firm A&L Goodbody to advise on local law issues through corporate head David Widger and partner Matthew Cole in Dublin.
Glenveagh focuses on developing starter, midsize, executive and high-end homes and apartments in the greater Dublin area. Bickle told the Irish business press that the response to Glenveagh’s IPO had “exceeded all of our expectations.”
The company’s dual IPO comes only a few years after Ireland’s economy cratered in the aftermath of the global economic crisis. But the so-called Celtic Tiger has roared back thanks in part to a growing technology sector, lucrative tax breaks offered to foreign companies and the fallout from the U.K.’s looming exit from the European Union.
Ashurst equity capital markets head Nicholas Holmes in London is leading a team from the firm advising underwriters on Glenveagh’s IPO led by Credit Suisse AG and Ireland’s Davy on the IPO. The banks are also being advised by Irish firm William Fry, which fielded a team on the Glenveagh listing led by corporate partners Eavan Saunders and Mark Talbot, real estate partner Lisa McCarthy and construction and engineering partner Bryanna Ryan.