Member Article

UCL plots campus expansion with 'largest ever' £280m loan

University College London (UCL) has secured a £280m loan from the European Investment Bank which it will put towards the expansion of two of its campuses.

The loan, which is the single largest financing provided by the EIB to a UK university, will be put towards upgrade work and expansion of the historic buildings at the university’s Bloomsbury campus in central London, as well as to the development of the new UCL East Building at the Queen Elizabeth Olympic Park in east London.

The developments are part of UCL’s Transforming UCL programme which will look to invest £1.25bn over the next 10 years on projects across London.

The Bloomsbury project will see the Bartlett School of Architecture, home to 1,000 staff and students, refurbished and expanded, along with the construction of a new student centre in work totalling £740m.

On the other hand, the UCL East development, which is to open by the 2019/20 academic year, aims to bring together the university’s expertise from various disciplines to present ‘a radical new model of how a university campus can be embedded in the local community and with businesses’.

Following the confirmation of the new loan, Professor Michael Arthur, UCL President & Provost, said: “UCL is proud of its world-class teaching and research and this supportfrom the European Investment Bank will help us deliver our ambitious growth plans, enhancing facilities for students and allowing our academics to continue to tackle key global research challenges.

“Our investment in our Bloomsbury and UCL East campuses is substantial and will support our activities for decades to come, allowing us to deliver on the UCL 2034 programme which sets out our 20 year strategy.”

The European Investment Bank, which is the European Union’s bank which provides a range of favourable financing options, has embarked on a major financing operation for UK higher education institutions, with £2.1bn of loans provided to over thirty universities.

Jonathan Taylor, Vice President of the European Investment Bank, added: “The European Investment Bank recognises the impressive and ambitious development planned at UCL that will strengthen world class research, transform teaching facilities and improve student life, as well as creating a new centre of learning in Stratford.

“This new £280m 30-year loan represents the largest ever EIB backing for investment at a European University, and reflects the EIB’s commitment to strengthen the local and global role of leading universities.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →