Irish property manager Ely Property announced yesterday that it had been approached for a possible takeover.

"The company has received an approach which may or may not lead to an offer being made for the company," Ely said in a statement.

It declined to comment further on the specifics of such an offer.

The company added, "a further announcement in relation to the possible offer will be made if and when appropriate".

Ely, which saw its 2005 turnover jump 213 per cent to €4.5 million, listed on London's Alternative Market (AIM) last August.

Its portfolio includes student accommodation, sales and leaseback, healthcare related properties and property management. It holds properties in Dundalk, Letterkenny, Dublin and Wales.

Ely is currently in the process of finishing 200 beds of student accommodation at the Dundalk Institute of Technology. According to the company's annual accounts, it is slated to be finished in August 2006.

It also has student accommodation sites in London and Kent. Its bed portfolio in 2005 totalled more than 790 beds.

Student Accommodation Services, a subsidiary of the company, runs a website listing rentals for students.

In 2005 Ely also oversaw 176 sales and lease-back units and managed more than 400 units and than 48,700 square feet of commercial property.

In May the company announced non-executive chairman Laurence Davis had secured over 5 million ordinary shares in Ely at 5p per share. He had previously purchased more than 200,000 shares in April.