25th Feb 2008 08:50
Newcourt Group plc Ticker: NEW.I Ely Property agrees to acquire UK student accommodation site EUR 23m acquisition subject to receipt of planning permission Newcourt Group plc ('Newcourt' or the 'Group'), a leading, Irish based, supportservices group, today announced that its wholly owned subsidiary, Ely PropertyGroup Limited ('Ely') has entered into an agreement to acquire 100% of DamianosHoldings Limited, which owns a development site in North London, adjacent to theLondon Metropolitan University. Currently there are 17,560 full time studentsenrolled at this University The acquisition is conditional on the achievement of satisfactory planningpermission for the development of a student residence at the site. Noconsideration is payable should planning permission not be achieved. The consideration payable is dependent on the number of units achieved in theplanning permission. Ely estimates that the consideration would be £17 million(EUR 23 million) based on planning permission for 500 units. Philip Marley, Ely Property CEO, commented "This acquisition reflects ourcommitment to further develop Ely's student accommodation business in particularin the growing London market where we have recently strengthened our managementteam. Currently there are approximately 251,515 full time students in London.This number is growing at over 6% per annum" Philip continued, "This development, on a site with excellent potential forstudent accommodation, would represent a significant addition to our currentbeds under management." About Newcourt Group plc Newcourt is a leading provider of support services, employing over 3,200 staffthroughout the island of Ireland. The Group has four operating divisions:Support Services, Student Accommodation, Recruitment and Aviation Outsourcing. About Ely Property Group Ely Property Group is engaged in the development and management of studentaccommodation in Ireland and the UK. Contacts \* TPhilip Marley Mark Kenny/Jonathan Neilan Ely Property Group K Capital Source Tel: +353 1 703 8900 Tel: +353 1 631 5500 Email: Newcourt@kcapitalsource.com-------------------------------------- -------------------------------------------\* T Copyright Business Wire 2008Related Shares:
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