Newcourt Group's subsidiary, Ely Property, has agreed a deal to buy a development site for student accommodation in London for €28.5m - depending on the granting of planning permission.
Ely Property wants to build 339 student accommodation units on the site in Fieldgate Street. The property is close to the London Metropolitan University campus, which has a student population of over 17,000.
It is also close to Queen Mary's College, University College London, the London School of Economics, King's College and Imperial Colleges which attract 60,000 full time students annually.
'London is a key market for Ely and this acquisition, our second in the London area this year,' further demonstrates our commitment to develop our student accommodation business in this growing market,' commented Ely's CEO Philip Marley.
Ely Property currently has almost 900 accommodation unites in the planning process in London.
