Troy Studios, a 350,000 square foot film and television production facility in Castletroy, Limerick, has been sold to two US investment companies.
US firms Hackman Capital Partners and Square Mile Capital Management have agreed to purchase the studios from Limerick Twenty Thirty, the property development entity set up by Limerick City and County Council.
Hackman Capital has other interests in the Irish film production industry – the company also operates Ardmore Studios in Co Wicklow.
The studio was developed by Limerick Twenty Thirty after acquiring the site of a former Dell factory in October 2015.
Limerick Twenty Thirty has renovated the former factory site into a usable space for film production, and the studio’s first production – ‘Nightflyers’, an American sci-fi series – generated 122 million euros for l economy and created 320 jobs.
The regeneration of the former factory site into a film studio was the first project undertaken by Limerick Twenty Thirty. Set up by Limerick local authorities as a ‘special purpose vehicle’, the entity is responsible for identifying and developing key strategic sites in the city and county.
A loan obtained by Limerick Twenty Thirty from the local authority – used to buy the Dell factory initially – was repaid in full after the sale closed.
“The successful conclusion of the financial arrangement will allow Limerick City and County Council to reallocate this loan to other projects,” a statement from Limerick Twenty Thirty read.
Speaking on the announcement of the sale, David Conway, CEO of Limerick Twenty Thirty, said: “The sale of the Troy Studios building to the joint venture puts a truly positive final seal on a hugely successful inaugural project for Limerick Twenty. Thirty.
“Ultimately, this fulfilled Limerick Twenty Thirty’s key objective of taking disused sites and turning them into engines of growth for the city and region.”