Newcourt Group is in talks to sell its buy-to-let and student accommodation subsidiary Ely Property Group to a consortium of investors led by Ely’s founder Philip Marley.
Marley, who floated the company in 2005, is a director Newcourt following the sale of the business in 2006 for around £22m.
Ely owns a number of residential blocks across the UK and Ireland, including at Gunwharf Quays in Portsmouth and in Dublin city centre.
Newcourt, chaired by James Osborne, has seen a major slump in its share this month after a management buy-out attempt by directors Ted O’Neill, Phil Sykes and Hugh O’Neill failed.
The three directors cited ‘uncertainty currently prevailing in international capital markets’ as reasons they couldn’t raise the funding for the purchase.
Newcourt’s shares opened this morning at 6.5p after slumping from 84p this time a year ago.