Limerick Twenty Thirty, the special purpose vehicle established by Limerick City and County Council to develop key sites in the area, has repaid a €6.5 million loan to the local authority following the sale of the Troy Studios building to the film and television studio business’s new owners, Hackman Capital Partners and Square Mile Capital Management.
The sale of Troy Studios, alongside that of Ardmore Studios, by Joe Devine’s Olcott Entertainment, was announced last year, with the new owners now exercising their option under the Troy Studios lease agreement with Limerick Twenty Thirty to acquire the building.
The Castletroy site became the first project in Limerick Twenty Thirty’s portfolio after the 340,000sq ft former Dell factory was acquired in October 2015 with a loan from Limerick City and County Council and was renovated into a space for film production. The council will now use the repaid funds to reduce the number of vacant homes across Limerick.
“The sale of the Troy Studios building to the joint venture puts a really positive final seal on a hugely successful maiden project for Limerick Twenty Thirty,” said the special purpose vehicle’s chief executive David Conway.
“Ultimately, it fulfilled the key objective of Limerick Twenty Thirty, which is to take disused sites and turn them into engines of growth for the city and region. Troy Studios has most definitely been that and is the model that we are looking to maintain with all our projects.”