Shares in Newcourt Group have risen 25 per cent this afternoon after the company confirmed it is in talks over the sale of its property subsidiary Ely Property Group.
The talks are with a consortium of investors led by Ely founder and Newcourt director Philip Marley.
Ely is involved in the development of student accommodation in the UK. Newcourt paid €22 million for Ely in 2006.
Newcourt's shares are down over 96 per cent on the year and at 3pm were trading at 0.05 cent.