Troy Studios, a 350,000 sq ft film and television production facility in Castletroy, Limerick, has been sold to two US investment firms.
US firms Hackman Capital Partners and Square Mile Capital Management agreed to purchase the studios from Limerick Twenty Thirty, the property development entity established by Limerick City and County Council.
Hackman Capital have 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 it acquired the site of a former Dell factory in October 2015.
Limerick Twenty Thirty renovated the old factory site in a usable space for film production, and the studio's first production – 'Nightflyers', an American science-fiction series – generated €122 million for the economy, and created 320 jobs.
The regeneration of the old factory site into a film studio was the first project undertaken by Limerick Twenty Thirty. Established by Limerick's local authorities as a "special purpose vehicle", the entity is tasked with identifying and developing key strategic sites in the city and county.
A loan obtained by Limerick Twenty Thirty from the local authority -- used to purchase the Dell factory initially -- has been repaid in full following the close of the sale.
"The successful conclusion of the finance arrangement will allow Limerick City and County Council to repurpose this loan for other projects," a statement from Limerick Twenty Thirty said.
Speaking on the news of the sale, David Conway, CEO of Limerick Twenty Thirty, said: "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."
