Newcourt subsidiary Ely Property is set to pay €28.5 million for a development site for student accommodation near the London Metropolitan University.
The Dublin-quoted group announced today that it had agreed to buy the development site on Fieldgate Street near the third-level institution.
Newcourt said it had agreed to pay £22.5 million (€28.2 million) for the property. However, the deal is subject to Ely getting suitable planning permission.
The Irish company is seeking permission for 678 accommodation units over 9 floors in a mixed use development that will incorporate retail units on the ground floor.
The accommodation units are a mix of flats, studios and en suite rooms with access to shared facilities.
London Metropolitan University has a student population of 17,000 and the site is approximately 15 minutes walk to University College London, the London School of Economics and King's College and Imperial College with a combined estimated student population of 60,000.
In a statement this morning Philip Marley, Ely Property chief executive, said London was a key market and the Fieldgate site was second the company has acquired this year and brought to almost 900 the number of beds in the planning process in London.
"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."
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