Ely Completes EUR19 Million Refinancing

Construction Work Commences at Central London Student Scheme

DUBLIN, August 2, 2010 - Ely Property Group, the Dublin based student accommodation company, is
pleased to announce it has successfully completed EUR19 million of
refinancing on three of its major developments in Ireland and the UK with
construction due to start immediately at its central London student
accommodation development.

The ring-fenced re-financing of the three projects, provided by the
Company's two lead banks, replaces the Company's existing financing
arrangements on its 114 bed student development at Maidstone in Kent,
England, its student schemes in Dundalk - ending the receivership of those
units - and its development of 45 self-contained student studios at Herbal
Hill in Islington, London.

In addition, Ely has separately funded the construction of its Herbal
Hill project, with contractors due to go on site immediately. Completion of
the project is expected by August 2011.

The financing follows an eighteen month restructuring programme after the
Company's founder, Philip Marley, reacquired the business from Newcourt in
2008 to whom it had been sold in 2006. However, the Group was significantly
burdened by EUR40 million of debt commitments at that time.

The Ely restructuring has seen changes to the senior management team of
the business; the restructuring of the management fees charged to owners of
units within Ely student accommodation developments; and the winding up of
non-core developments.

Philip Marley, Ely CEO, commented:

"The last two years have been exceptionally harsh for property
development companies across the board. Our focus, however, on the student
sector, coupled with strong management, has allowed us to take the necessary
steps not only to survive the downturn but to now begin moving the business
forward once more. However, there is still much work to be done before the
full re-structuring programme is completed. It is nevertheless encouraging to
note that at the mid-point of the year the holding company for the Group has
returned to the black for the first half of 2010. We, however, remain
exceptionally vigilant given the finely balanced nature of the economy at the
moment."

Ely currently manages 1200 beds in Ireland and the UK.

Further information, Philip Marley(Ely Property), +353(0)170-389-00; Toby Hall(gth media), +44(0)20-3103-3903