DUBLIN, August 2, 2010 /PRNewswire/ -- 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.