Ely Property Agrees to Acquire UK Student Accommodation Site

Newcourt Group plc (ISE:NEW)(LSE:NEW) (‘Newcourt’ or the ‘Group’), a leading, Irish based, support services group, today announced that its wholly owned subsidiary, Ely Property Group Limited (‘Ely’) has entered into an agreement to acquire a development site for student accommodation in Fieldgate Street, London.

The consideration of Stg£22.5m (€28.5m) is dependent on planning permission being granted for 339 student accommodation units. The accommodation will be included within a mixed use development over 9 floors with retail units on the ground floor. The scheme includes 256 studios with the remaining 83 units as cluster en suite rooms which have access to shared facilities.

Attractive Location

The site is located at 14 Fieldgate Street, E1, London and is within five minutes walking distance of many of the London Metropolitan University campus buildings comprising over 17,000 students. The scheme is also a 10 minute walk from Queen Mary’s College and a 15 minute journey to University College London, London School of Economics, King’s College and Imperial Colleges which attract 60,000 full time students annually.

Aldgate East Tube Station is approximately two minutes walk from the site giving direct access to both the District and Hammersmith & City London underground lines. 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 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. Currently we have almost 900 beds in the planning process in London.”

Philip continued, “This is a prime location in a catchment area serving over 70,000 university students. In addition the scheme is located in an area of the city that offers students a variety of pubs and clubs as well as numerous shops, leisure facilities and banks together with vibrant markets in Whitechapel and Spitalfields.”

About Newcourt Group plc

Newcourt is a leading provider of support services, employing over 3,200 staff throughout 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 student accommodation in Ireland and the UK.