EIB approves £280m loan to UCL for campus developments

WCN Editorial Team 2 May 2016 EUROPE BUILDINGS

European Investment Bank (EIB) has approved a loan worth £280m to the University College of London (UCL) for the development of its Bloomsbury and UCL East campuses.

UCL is investing £1.25bn over 10 years to implement its Transforming UCL programme, which includes the development of two campuses as well as other projects across London.

The 30-year loan follows the investment of £25m in January in the new UCL Technology Fund by the European Investment Fund, part of the EIB group.

The project in Bloomsbury is worth about £740m and will include the refurbishment and expansion of Bartlett School of Architecture, which will house nearly 1,000 staff and students. Construction of a new student centre is also set to start this year.

The loan will also finance the construction of UCL East university's new campus at the Queen Elizabeth Olympic Park in east London.

UCL East’s first phase is due to be finished during the 2019/20 academic year.

EIB’s vice president Jonathan Taylor said: "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."

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