Damning report reveals UL overpaid for properties by millions of euro

State spending watchdog finds significant failings by university in the acquisition of former Dunnes Stores on Honan's Quay and homes purchased in Rhebogue for student accommodation

The Comptroller and Auditor General said failings were identified in how the properties were valued. File picture: Dan Linehan

A damning new report detailing significant failings in the purchase of properties by the University of Limerick (UL), that resulted in them overpaying by millions of euro, has been published by the State’s spending watchdog.

The Comptroller and Auditor General said that significant losses were incurred by the University’s acquisition of the former Dunnes Stores on Honan’s Quay (€3m) and homes purchased in Rhebogue for student accommodation (€5.2m).