26 June 2015

The Company has acquired two sites of residential development land in Carrickmines, with a combined area of 9.1 acres for a purchase price of €20.7 million. The Carrickmines sites are located on Brennanstown Road, South Dublin. The Company has also exchanged contracts for 8.11 acres of land at Marianella, Orwell Road, in Rathgar, South Dublin, for €43 million, subject to approval by the Vatican and the Irish Charities Commission.

Acquiring the two Carrickmines sites at the same time will allow the Company to lodge a revised planning application for approximately 160 residential units, which will include up to 60-70 houses.

The Marianella site has planning permission for 211 residential units comprising 12 five bedroom houses, 6 four bedroom duplexes and 193 large one, two & three bedroom apartments. There are an additional three acres of lands which will accommodate further new homes, subject to planning.

The estimated construction start date for Marianella is April 2016.