The Irish-based support services group Newcourt Group said this morning that its wholly-owned Ely Property unit has signed a deal to buy a development site in Birmingham for about £8.25 million (€10.3 million), subject to satisfactory planning permission being granted.
Newport said Ely will seek planning permission for a 700-bed student accommodation development.
No consideration is payable in the event that planning permission is not obtained, Newcourt said. Ely is engaged in the development and management of student accommodation in Ireland and the UK.