13th May 2008 07:00
Newcourt Group plc Ticker: NEW.I Ely Property agrees to acquire UK student accommodation site GBP 22.5million acquisition subject to receipt of planning permission Dublin, 13 May, 2008: Newcourt Group plc ('Newcourt' or the 'Group'), a leading,Irish based, support services group, today announced that its wholly ownedsubsidiary, Ely Property Group Limited ('Ely') has entered into an agreement toacquire a development site for student accommodation in Fieldgate Street,London. The consideration of Stg£22.5m (EUR 28.5m) is dependent on planning permissionbeing granted for 339 student accommodation units. The accommodation will beincluded within a mixed use development over 9 floors with retail units on theground floor. The scheme includes 256 studios with the remaining 83 units ascluster en suite rooms which have access to shared facilities. Attractive Location The site is located at 14 Fieldgate Street, E1, London and is within fiveminutes walking distance of many of the London Metropolitan University campusbuildings comprising over 17,000 students. The scheme is also a 10 minute walkfrom Queen Mary's College and a 15 minute journey to University College London,London School of Economics, King's College and Imperial Colleges which attract60,000 full time students annually. Aldgate East Tube Station is approximately two minutes walk from the site givingdirect access to both the District and Hammersmith & City London undergroundlines. There are also numerous bars, restaurants and clubs in the Brick Lane,Spitalfields area within walking distance of the property. Philip Marley, Ely Property CEO, commented "London is a key market for Ely andthis acquisition, our second in the London area this year, further demonstratesour commitment to develop our student accommodation business in this growingmarket. Currently we have almost 900 beds in the planning process in London." Philip continued, "This is a prime location in a catchment area serving over70,000 university students. In addition the scheme is located in an area of thecity that offers students a variety of pubs and clubs as well as numerous shops,leisure facilities and banks together with vibrant markets in Whitechapel andSpitalfields." ENDS 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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