Property Investment Firm in £11 float
The Ely Property Group is set to be listed on the Alternative Investment Market this week following Irish entrepreneur Philip Marley's decision to float his property company.
Having seen the desire in many homeowners’ to invest in property, as opposed to other alternative investments such as government bonds, Marley, thirty three, set up his company to cash in on this trend.
The Ely Property Group requires property owners to be tied in for ten years, with a break clause after five years. The investment company takes an 11% cut on the total rent acquired. To date, Ely invests mostly in student accommodation in a high-class Dublin neighbourhood.
The Alternative Investment Market (AIM) listing - 228,263,474 shares priced at 1 pence each – is likely to value Ely Property at £11.3 million.
Although Marley is considering buying property abroad, the money raised from floatation is expected to be re invested in the UK commercial property market.
Date: 10.08.05
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