The inside story of how hundreds of investors came together to save what will become one of Liverpool’s largest student developments has been revealed.
People from all over the world with tens or hundreds of thousands of pounds invested in Elliot Group’s Aura development were devastated when it fell into administration almost a year ago.
The news caused “trauma” for 450 people from 50 countries as far afield as Australia and Hong Kong. They feared losing their money – which for some was their pensions and life savings.
But a feat was achieved by this group of people on a scale rarely seen on the UK development scene. They managed to form a consortium under the name of Aura Investors LLP, and agreed a deal for the 999-bedroom, £100m Islington project. It’s now set to open later this year under the name ‘True Liverpool’.
Hong Kong-based Paul Cheung, one of the major investors in the Erskine Road scheme, spoke to BusinessLive about how they managed it.
Mr Cheung, an ex-investment banker of 20 years, said: “When the news came out that the scheme had gone into administration, every investor was traumatised as