Ely Property to bring to market entire Cityquarter residential development at Athlone Towncentre

Ely Property Group (‘Ely’), a wholly-owned subsidiary of Newcourt Group plc (LSE:NEW) (ISE:NEW), today announced that it will bring to market the entire 120 residential units in Cityquarter, an exclusive development at Athlone Towncentre for sale to investors and owner/occupiers. The residential development consists of 120 apartments built to a high specification and has been designed by leading architects Murray O’Laoire and Associates. The new development qualifies for section 23 relief and is unparalleled in terms of its location in the urban centre of one of the most rapidly developing towns in Ireland. Athlone Towncentre Athlone Towncentre is Ireland’s largest shopping centre outside of Dublin scheduled to open in October, 2007. Athlone Towncentre will revolutionise shopping in the centre of Ireland and providing the region with a major fashion destination for the first time. The development includes 250,000 square feet of retail space housing 70 retail units. The development also combines a 166 bedroom four star SheratonHotel and 120 apartments which will be named ‘Cityquarter’. Athlone Towncentre will be home to a diverse range of premium Irish and International retailers including Marks & Spencer, Next, Zara, River Island, Monsoon, Promod, Esprit, Tommy Hilfiger and Fields Jewellers amongst others. The hotel will be Sheraton’s third hotel development in Ireland following the Five Star Westin in Dublin and the Five Star Sheraton Fota Island Golf Resort & Spa in Cork. Opening in April 2008, the hotel will feature two restaurants, a bar, a health and leisure club and a spa. Tax Effective Investment Cityquarter is without parallel in Ireland given its unique location, proximity to a premium shopping centre, leading edge design and attractive financial incentives. There is no other (Section 23) tax-based residential scheme in the country with these unique attributes. Changes to the Finance Act 2006 mean that the supply of Section 23 properties will not be available after 2007. This investment represents one of the last opportunities to invest in a premium Section 23 property, in an outstanding location. In bringing this attractive investment opportunity to market, Ely has acquired 45 units within the Cityquarter development for its own investor group. Product Launch & Leaseback Option Ely Property Group, together with a number of local agents, will bring this unique investment opportunity to the market in September 2007 in line with the opening of Athlone Towncentre. Investors in Cityquarter also have the option, if they so wish, to avail of a leaseback facility with Ely Property Group. To enhance the rental return, Ely Property Group undertakes to lease back the property from the investor for a full 10-year period. Philip Marley, Chief Executive, Ely Property Group commented "We are delighted to bring to market entire residential development at Cityquarter for sale later this year. Cityquarter at Athlone Towncentre is one of the most exciting mixed use developments ever built in Ireland with the added benefit of a tax effective investment opportunity.” He added "Section 23, as an investment incentive vehicle, is being wound up. Cityquarter offers investors and owner/occupiers alike the opportunity to acquire premium, residential property, in a tax efficient manner. Cityquarter at Athlone Towncentre is among the best Section 23 tax incentive investments ever to have come to the market in Ireland.” He concluded "We believe this is a highly attractive investment opportunity with the added benefit of Section 23 tax incentives. We have already acquired 45 units within this development which have been placed with our investor group.” About Ely Property Group Ely Property Group is engaged in the development and management of student accommodation in Ireland and the UK. About Newcourt Group plc Newcourt is a leading provider of support services, employing over 2,700 staff throughout the island of Ireland. The Group has two primary operating divisions: Support Services & Student Accommodation and Recruitment & Aviation Outsourcing. About Cityquarter at Athlone Towncentre | A Premium Residential Development Cityquarter at Athlone Towncenter has been designed with the discerning resident in mind. Relatively low housing density, in a landscaped environment, adjacent to a premium fashion and retailing centre, means that Cityquarter will be a much sought after residence. The Cityquarter development is set in a spacious, carefully landscaped environment. Residential units are completed to the highest standard which includes wooden floors, Cat 5 cabling, balconies and premium brand electrical goods. The entire development is also a ‘WiFi’ enabled hotspot. All residences in Cityquarter are designed for modern living and are very spacious, ranging from 800 to 1,320 sq feet, some with airy 12 foot ceiling height. Virtually all units have dual aspect; this unique orientation optimises light levels in east-facing bedrooms in the early morning, while west-facing living rooms capture the evening sunshine. Over 95% of the apartments include either west or south-facing balconies or terraces. Some apartments also have views of the river Shannon and the surrounding area.