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.

The planning decision is expected in a number of months.

Ely chief executive Philip Marley said that the acquisition reflected the company’s commitment to the growing London market.

“Currently there are approximately 251,515 full-time students in London and this number is growing at over 6% per annum.

“This development, on a site with excellent potential for student accommodation, would represent a significant addition to our current beds under management,” he said.

At the London Metropolitan University, alone, there are 17,580 full-time students.

If the Damianos acquisition goes through, it will represent Ely’s second purchase in the British market this month — following on from its takeover of like-minded company, BHE, for an undisclosed sum.

That London-based company has a “significant” pipeline of developments for delivery from next year onwards.