Trent University confirmed today the sale of the properties making up the West side of George Street at Peter Robinson College to two Trent alumni.

Moloney Project Development Corporation, owned by Glenn and Frank Moloney, have purchased the Townhouses, The Cottage, Reade House, Sadleir House, North House, the vacant lot off Churchill Drive, and all lands associated with these buildings. The sale price for the properties was $1.995 million and the closing was completed February 15, 2002.

Both of the Moloney brothers expressed a strong belief in Trent's future as a leading Canadian university. "We have every intention of operating these properties in a similar manner as they have been operated by the university. Our company hopes to create a close working relationship with the university for years to come," said Glenn Moloney.

It is understood that the owners will continue to use the properties for student rental accommodation. This use of the buildings coincides with the city's desire and neighbours' preferences that the re-use of the property be primarily for residential accommodation.

Trent has negotiated an agreement with the company to lease back the townhouses at Peter Robinson College where the College office is located through to August 2003, with an option to renew this arrangement for 2003-04.

Student residents will see no appreciable change in services this academic year and next academic year. This leasing arrangement will serve as a bridge to maintain residence services for students until the integrated residential college is completed at the Symons campus. Current services provided by various university departments including custodial, maintenance, walk-home, and security will continue to be provided.

The sale process for the remaining properties at Peter Robinson College including the East Lodge, Stratton House and Abbott House will continue.