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University of Limerick 180-bed student village taken over
The directors of Ely Property Group, the Dublin based student accommodation group has taken over the management of the 180 bed Troy Student Village serving the University of Limerick. The move follows the complex being placed into receivership in mid August after the collapse of Clare developer, Bellisle Properties.
Under the agreement reached with the Receiver, Brian McEnery of Horwarth Bastow Charleton Accountants in Limerick, Ely Property Group will now be responsible for stabilizing the income from the complex and for the ongoing management of the student village.
Philip Marley, Ely Property CEO, commented: "We are delighted to be taking over this unit and first off want to assure any students that were renting the accommodation last term that they will be able to reclaim any deposits still owed to them by the former landlord. We also want to assure students that the Troy Village Complex will be open for the coming academic year and bookings can now be made."
Ely Property is Ireland's largest student property management company, operating over 1350 beds in Ireland and the UK.
Philip Marley added:"Where exceptional value opportunities present themselves in the Irish student property market, we will be delighted to take them on. However, these are more likely to be where there is a single owner of a scheme, rather than multi-landlord situations. We nevertheless remain focused on continuing to expand our presence in the UK."
Ely recently announced that it had successfully completed €17.9 million of refinancing on three of its major developments in the UK and Ireland.
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Thursday 09 February 2012
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