University of Limerick paid €5.2m above market price for student housing

President Kerstin Mey expresses ‘regret’ over deal to buy 20 houses

Professor Kerstin Mey said there is 'frustration and anger' over the deal. Photo: Don Moloney

Wayne O'Connor

The University of Limerick (UL) has lost €5.2m over its controversial purchase of 20 houses, just six months after the deal was completed.

A review of the deal shows UL’s €11.44m valuation of the homes was inflated and did not represent good value. UL should have expected to pay about €6.24m.