Cova assets at end of 2006 top €500m

Property developer Cova's assets topped €500 million at the end of last year, according to the latest figures.

The numbers also show that the underlying growth of the group's properties was 15 per cent in 2006, in line with its targets.

Cova's balance sheet shows that the value of its financial assets and investments, that is the properties held by eight group companies, grew to €547.5 million at the end of 2006 from €330.1 million a year earlier.

According to its recently-published annual results, shareholders' funds grew to €341.8 million on December 31st last, from €211.9 million 12 months earlier.

During the year Cova raised €100 million through the Ardawn Developments company that forms part of the group.

Stripping this figure out, it means that shareholders' funds increased by €30 million or 15 per cent.

Chief executive Pat Shine said yesterday that this level of growth was on target. "We aim for growth of between 15 per cent and 20 per cent per annum."

Cova was amongst the first players in the Irish property market that gave private investors an opportunity to buy into funds. Typically, its backers invest anything from €100,000 up to seven-figure sums.

The money is given partly as a loan and partly as an equity investment. Mr Shine explained that this allowed investors to begin recovering part of their money after about three years, instead of having to wait seven to 10 years for the fund to be cashed in.

The group has around 500 individual private investors in its various funds, including Ardawn Developments One and Two.

Its top 30 backers each invested more than €1 million, and its investors include a number of well-known names from Irish business. Mr Shine and his fellow directors are also investors in the group. Cova has sites in Arklow and Blessington in Wicklow, and in Ballymore Eustace in Co Kildare and in Co Dublin.