University College London (UCL) has begun an investment programme which aims to secure the institution £1.25 billion lasting until 2034.
The so-called UCL 2034 strategy will allow the university to “support a diverse intellectual community that is engaged with the wider world and committed to changing it for the better.” A significant amount of this funding will be used to invest in the college’s estate and infrastructure, as well as creating a sustainable investment surplus which will make the university more independence.
The £1.25b of capital investment is comes from a wide range of sources including a £150m ‘revolving credit facility’ with HSBC, Barclays, Lloyds, and RBS, and a £280m 30 year long term credit provided by the European Investment Bank (EIB).
Many projects can now be funded by the university, such as the renovation of the Bloomsbury Campus, and a new UCL East campus on the Olympic Park in Stratford.
UCL Provost and President, Michael Arthur, said “we are in a very competitive market place for students and high quality staff and therefore the total package including the facilities in the estate is important,” adding that the investment programme will provide “something we haven’t had for a long time — which is spare land and spare space.”
Jonathan Taylor, EIB Vice President, said the bank had supported “more university investment in the UK than any other country” with lending to 30 universities over the past six years.