Business

Investors in UL programme reported to be spooked by student housing controversy

Seen & Heard: DNG enters the mortgage broker market; Quanta Capital targets Signa assets; and Virgin Media refused €30m for public service broadcasting

International investors in University of Limerick's immersive software engineering programme have been spooked by the recent controversy over a €5.2m overspend by the university on student housing.

Ellen O’Regan
Sun Mar 31 2024 - 11:58

International investors in University of Limerick (UL)’s immersive software engineering programme have been spooked by recent controversy over a €5.2 million overspend by the university on student housing.

The Business Post reports that backers of the programme, which include Stripe, Amazon Web Services, Intercom, Boston Scientific and several other big multinationals, sought assurances over their investments in recent days after controversy over the deal to buy 20 homes for students erupted.

Economics professor Stephen Kinsella told a meeting last week that he had been forced to assuage the fears of several significant investors due to the situation.

In Profile: Barry Napier, Irish Times Business Person of the Year 2023

Listen | 47:29

The controversy is the second to engulf the university in recent years after it overpaid to buy the former Dunnes Stores site in Limerick city centre for €8.3 million in 2019.

READ MORE

DNG moves into mortgage broker market

Estate agent DNG is moving into the mortgage broker business, with plans to facilitate €300 million in lending annually within five years, according to the Business Post.

The new business, which will trade under the DNG Financial Services brand name, will also provide financial planning and pension advice to clients. Earlier this month, DNG secured a licence from the Central Bank of Ireland to launch the new financial services business.

The company said the business would be trading within a fortnight, as former head of mortgages at Finance One, Cian Carolan, has joined DNG to head the new venture.

DNG sells between 11 and 12 per cent of houses that go up for sale in Ireland and its new mortgage service is expected to grow to €300 million within five years, which would place it among the top three brokers in the country, behind Finance Solutions and Doddl.

Dublin fund eyes certain Signa assets

Dublin-based investment fund Quanta Capital is making a play for assets in the portfolio of collapsed Austrian real estate group and Brown Thomas/Arnotts co-owner Signa.

The Sunday Times reports that Quanta Capital, owned by Irish real estate investor Mel Sutcliffe, is looking to buy up to €2 billion worth of assets from Signa Prime, one of the main companies in the Signa empire. Quanta would buy the properties through its Goldstein ICAV wing.

Signa, founded by the Austrian magnate Rene Benko and co-owner of luxury retail stores such as Selfridges in London and Brown Thomas and Arnotts in Dublin, declared insolvency in November.

Signa Prime includes assets such as the KaDeWe department store in Berlin and the luxury hotel Park Hyatt Vienna. Quanta’s interest in Signa is restricted to its European assets, including the Park Hyatt. It is not interested in the retail element of the portfolio.

Virgin Media’s call for €30m to fund its public service broadcasting

Minister for Media Catherine Martin has refused a request by Virgin Media for €30 million to fund its public service broadcasting.

The Sunday Times reports on a letter from Virgin Media managing director Áine Ní Chaoindealbháin to Martin, asking for €30 million to help cover news and current affairs programming.

The media company provides public service broadcasting as part of its licensing agreement and Ní Chaoindealbháin argues that Virgin Media receives “no direct financial support from the State” and its only revenue is through advertising sales.

The story was also covered by the Business Post and the Sunday Independent.

Ellen O'Regan

Ellen O’Regan

Ellen O’Regan is an Irish Times journalist.

LATEST STORIES