Property group to buy Aldborough

Ely Property has reached agreement to buy the total share capital of Dublin company Aldborough Developments for €4.5 million.

Ely, which is owned by the Newcourt Group, already owns a 25% stake in Aldborough. The deal will be funded by the issue of around 2.65m new Newcourt ordinary shares.

Aldborough owns Aldborough House in Dublin and it has full planning consent for a 40-bed private day-care hospital on the site. The project is expected to be completed by the last quarter of next year.

Meanwhile, Davy Stockbrokers said yesterday that it was raising its forecasts for Newcourt — setting a 12-month share price target of €2.20 and suggesting that earnings per share for this year will reach 11.5c — up from its previous tip of 11.3c.

Davy’s 2008 eps estimate for Newcourt has been upped from 12.5c to 13.4c.