Ely Comes to the Rescue of Limerick Student Accommodation Complex

DUBLIN, September 3, 2010 - The Directors of Ely Property Group, the Dublin based student
accommodation group, are delighted to announce that the Company has taken
over the management of the 180 bed Troy Student Village serving the
University of Limerick. The move follows the complex being placed into
receivership in mid August after the collapse of Clare developer, Bellisle
Properties.

Under the agreement reached with the Receiver, Brian McEnery
of Horwarth Bastow Charleton Accountants in Limerick, Ely Property Group will
now be responsible for stabilizing the income from the complex and for the
ongoing management of the student village.

Philip Marley, Ely Property CEO, commented:

"We are delighted to be taking over this unit and first off
want to assure any students that were renting the accommodation last term
that they will be able to reclaim any deposits still owed to them by the
former landlord. We also want to assure students that the Troy Village
Complex will be open for the coming academic year and bookings can now be
made."

Ely Property is Ireland's largest student property management
company, operating over 1350 beds in Ireland and the UK.

Philip Marley added:

"Where exceptional value opportunities present themselves in
the Irish student property market, we will be delighted to take them on.
However, these are more likely to be where there is a single owner of a
scheme, rather than multi-landlord situations. We nevertheless remain focused
on continuing to expand our presence in the UK."

Ely recently announced that it had successfully completed
EUR17.9 million of refinancing on three of its major developments in the UK
and Ireland.

Further information: Philip Marley, Ely Property, +353(0)1703-8900; Toby Hall, gth media, +44(0)20-3103-3903, admin(at)gth.co.uk