Buy-to-let property firm to develop 25 creches

ELY, the listed property development company, plans to take advantage of a tax break to build 25 creches in Ireland.

The company says it has struck a deal with Creative Education Corp, a British firm, to build the creches across the country over the next two to three years.

Ely said it was taking advantage of the tax breaks for investors in childcare to move on the project. Under Section 63 of the Finance Act 2003 taxpayers can offset investment in creches against their income tax.