Monday, 16th February 2009
£70m funding for new Business School
Barclays facilitate new campus developments
MANCHESTER Metropolitan University has secured a £70 million senior debt facility to facilitate ambitious campus plans.
A £70m funding package from Barclays will help finance a new business school, student accommodation and sports facilities.
Between now and 2015, the University is making a total investment of £300 million in infrastructure which will ensure a higher quality student experience across its campuses in Manchester and Cheshire.
Enhancing student experience
Lawrie Grant, Chief Operating Officer and Financial Director at MMU (pictured centre) said: "We are very excited about our plans for redeveloping the main campus to enhance the experience for students and staff, and the funding from Barclays will assist us to carry out these plans.
"We have a strong relationship with the Barclays team and have been impressed with the advice and support they have given to the University over a number of years."
The finance from Barclays Commercial Bank was provided by James Cliffe, Commercial Director (himself an MMU graduate) and Paul Levet, Relationship Director for the Education Sector. Eversheds provided legal support to Barclays with Addleshaws advising the University.
James Cliffe, Commercial Director at Barclays Commercial Bank, said: "As part of our commitment to the education sector, we have provided a flexible finance facility enabling the University to manage their campus improvements without concerns over property sales and with specialised treasury advice to help manage future rate risks.
"As a former MMU student I know just how great the student experience is there. The campus redevelopment will enhance that experience delivering world class teaching and research facilities.
Vice-Chancellor Professor John Brooks said: "The Barclays agreement will enable us to bring forward these capital programmes more rapidly, as the government wanted us to do to stimulate the construction sector."
He confirmed that the design for the business school was now complete with contractor Sir Robert McAlpine to be on site in March.
Manchester Metropolitan University is one of the most extensive higher education centres in Europe with 37,000 students and more than 1,000 undergraduate, postgraduate and professional courses. The University educates and trains large numbers of legal and business professionals, scientists, engineers, teachers, health workers and creative professionals.
The University is in the top three nationally for environmental sustainability and has an 85% research impact rated world-leading and internationally excellent.