Belfast Telegraph

Finance firm to raise money for building Dublin homes

By John Mulligan

UK finance firm Value Asset Management (VAM) is planning to raise as much as €150m (£133m) via bonds listed on the Nasdaq First North Exchange in Copenhagen.

The firm has said it will use the proceeds for the construction of as many as 1,000 homes around Dublin.

It may also look at an equity stock market-listing later this year, its chief executive has said.

VAM will also pursue acquisitions of developers, probably targeting firms that have a valuation of more than €20m (£18m)and which typically employ more than 100 people.

Previously known as Victoria Asset Management, VAM announced its intention last year to raise an initial €50m (£44m) via a bond listing in Denmark.

At that stage, it was intended that the funds would be used exclusively to fund developments by Dublin-based homebuilder Victoria Homes. Trading in the €50m bond begins in Copenhagen on Thursday. But VAM chief Peter Mulligan said that the firm will now act as a finance partner to any potential developers.

Belfast Telegraph

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