The artists formerly known as Quintain are a busy bunch these days. Having just last year changed hands from one US private equity firm to another, the Irish housebuilder has now overhauled its image, unveiling a major rebrand on Thursday. The company is now called Evara and announced plans to significantly ramp up activity in the Republic.
No wonder Michael Hynes, Evara’s chief executive and co-founder, is so hard to reach. The former Nama portfolio manager wasn’t available to answer any questions on Wednesday in advance of the rebranding announcement.
It’s a shame, with the Government set to table a discussion on tax breaks for developers next week. It certainly would be interesting to know whether he agrees with some of his industry peers such as Michael O’Flynn on that particular point of policy.
Yet, on the surface at least, Evara’s ambitious plans fly somewhat in the face of the idea coming from certain quarters that Ireland’s housing supply woes are largely a function of the drying up of foreign investment.
The company said on Thursday it has an annual output target of 1,500 homes, impressive, given it has delivered 3,000 since its foundation in 2015. Evara has a land bank capable, it says, of delivering another 7,000 homes, including its “cornerstone” development in Adamstown.
Backing all of this ambition is TPG, the San Francisco-headquartered global investor that acquired Evara/Quintain from Dallas-anchored private equity giant Lone Star for a reported €200 million.
The Wall Street Journal reported on Tuesday that TPG is preparing for a “banner” fundraising year in 2025 after pumping some $33 billion into investments in 2024, up from more than $22 billion in 2023.
No doubt Evara, like the rest of the property industry here, is grappling with significant challenges, particularly around costs, viability and the supply of manpower. One thing it is not short of, however, is financial firepower from international sources. It might be an outlier on that front.
