03 Oct Troy Studios sale a positive outcome for Limerick Twenty Thirty and Limerick City and County Council
Film studio fulfilled Limerick Twenty Thirty objective of developing strategic sites for economic and social gain of city, county and region
Monday, 03 October 2022: Limerick Twenty Thirty has confirmed the sale of Troy Studios building to it new owners Hackman Capital Partners and Square Mile Capital Management partnership.
The joint venture, which purchased Troy Studios last year, has exercised its option under the Troy Studios lease agreement with Limerick Twenty Thirty to acquire the building.
Limerick Twenty Thirty is a special purpose vehicle established by Limerick City and County Council to plan and develop key strategic sites in Limerick city and county. The Castletroy site became the first project in its portfolio after the 340,000 sq. ft. former Dell factory was acquired in October 2015 with a loan from Limerick City & County Council.
The directors of Troy Studios visited the site during the National City of Culture programme when it hosted a number of hugely successful shows that confirmed the potential of the building as a film studio.
Limerick Twenty Thirty set about renovating the former factory into a usable space for film and the first production, Nightflyers, confirmed the potential with an estimated economic benefit of €122 m and recreation 320 jobs directly. It delivered an estimated €53m spend over 9 months, with €4.5 m spent on Limerick accommodation/living and €104 k in average annualized salary.
The execution of the joint venture’s option to purchase the studios has enabled Limerick Twenty Thirty to pay down the final outstanding amount of its loan to Limerick City and County Council, with interest paid to the local authority. The successful conclusion of the finance arrangement will allow Limerick City and County Council to repurpose this loan for other projects.
Said Limerick Twenty Thirty CEO David Conway: “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. 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.”
Mr Conway added: “This has been a really successful partnership. Firstly, Limerick City and County Council put its trust in Limerick Twenty Thirty by lending it the money to acquire and develop the site. Then Troy Studios come on board to provide meaningful employment in a really exciting sector and a huge economic impact for the city and region. It also delivered huge reputational gain for Limerick, as well as a confidence boost as it proved what can be achieved if you have the vision, ambition and the courage to go after it.”