Lugus Capital doubles its money on Cork flats

Lugus Capital, the sellers of the Cork apartment block where it issued families with termination notices in the run-up to Christmas, has sold the building to the state for double what it acquired it for.

Cork City Council and housing agency Cluid are paying €20 million for the 78-apartment complex at Bachelor’s Quay. Lugus bought the complex for about €10 million in 2017.

After acquiring the apartments, Lugus issued notice to tenants advising ...