Student accommodation group to buy London developer for €23m

ELY Property, the student accommodation development subsidiary of Newcourt Group, has agreed to buy a London-based developer for up to €23 million, marking its second investment in Britain this month.

The Dublin-based firm is buying Damianos Holdings, which owns a development site in north London, located next to the London Metropolitan University.

The acquisition is entirely dependent on planning permission being granted at the site for student accommodation and the €23m consideration is dependent on the number of units such permission extends to, with 500 units the targeted size of the development.