Home Skip Navigation LinksNews News Story

<< back to previous page

University agrees £280 million loan to develop campuses

Published: Friday, 06 May 2016   Category: All Graduate Jobs News

University College London (UCL) has agreed a loan worth £280 million with the European Investment Bank to develop its Bloomsbury and UCL East campuses.

The loan is the largest amount ever lent by a bank to a university, and will fund Bloomsbury campus which is undergoing a programme to expand and upgrade its historic buildings. The funding will also reach the building of UCL East, which is a new site located at the Queen Elizabeth Olympic Park.

The university is investing £1.25 billion over a ten year period to try and complete an ambitious programme to transform UCL – which also includes other projects across London – to support growth in world-leading research and teaching, whilst also creating a more student-focused environment.

The development programme – first published five years ago – is one of the biggest that is being carried out in the higher education sector in the UK.

Inside the development

Bloomsbury’s development includes refurbishment and the expansion of the Bartlett School of Architecture, which will house nearly 1,000 staff and students. Construction also commenced in 2016 on a new student centre – total investment in the campus is expected to be around £740 million.

UCL announced in 2015 that it would build a new campus in Stratford at the Queen Elizabeth Olympic Park to form part of the wider Olympicopolis education and cultural quarter.

The first phase of UCL East is due to open during the 2019/2020 academic year and will see different areas including creativity and material culture, experimental engineering and research through publics services, brought together.

Loan agreement

The loan, which is a £280 million 30-year loan, follows a £25 million investment made in January 2016 in the new UCL Technology Fund by the European Investment Fund. It forms part of the EIB group, providing risk finance to small and medium sized enterprises within Europe.

The EIB has supported more university investment in the UK than any other country and has provided over £2.1 billion for 30 universities across the UK since 2010.

For graduate schemes across a range of locations, visit Grad Plus today

news archives...

Email this page to a friend Facebook Twitter DZone It! Digg It! StumbleUpon Technorati Del.icio.us NewsVine Reddit Blinklist Add diigo bookmark