Teleios Capital Partners, an activist hedge fund based in Zug, Switzerland has upped its stake in Irish housebuilder Glenveagh Properties from 16% at the end of last year, and now has a 18.6% holding in the business, according to a report by the Irish Times.
Teleios’ acquisition of additional Glenveagh shares comes just as Singaporean sovereign wealth fund GIC, one of the main backers of the company’s IPO back in 2017, has cut its stake by a third in recent weeks to 6.3 per cent, having sold 21.7 million shares so far this year at an average 7% discount to the price it originally paid.
Glenveagh’s share price lost close to a third of its value last year making it one of the worst performing stocks on the Iseq 20. The shoe price has since rallied and is up 9 per cent so far this year.
