Newcourt-owned Ely Property has announced the acquisition of 45 apartments in Athlone.

The investor in student flats has paid €21 million for the apartments, and has purchased another 75 flats in the €60 million Athlone Town Centre.

Leading architects Murray O’Laoire and Associates have designed the apartments. Investors can choose to lease the properties back to Ely, which has guaranteed to rent the units for a 10-year period.

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The company’s chief executive Philip Marley has said the apartments would be offered first to his company’s 300-strong list of private client investors before being opened up to the wider market in around six weeks time.

Athlone Town Centre is Ireland’s largest shopping centre outside Dublin and is scheduled to open in October.

A total of 67 retail units will be included in the centre, consisting of 225,000 sq ft, situated over a 1,200-space basement car park.

The €500 million development will feature a number of leading retailers and Starwood Hotels and Resorts Group has announced it will operate a new €45 million euro Sheraton Athlone Hotel in the centre of the complex.

(JM/SP)