The University of Hull has agreed a £60m funding package with Lloyds Bank Commercial Banking to help finance a major upgrade of its campus facilities.
The funding, which comprises an unsecured £40m revolving credit facility and £20m accordion facility, refinances a smaller facility with Lloyds Bank and will support the acceleration of an £200m investment programme at the University of Hull as part of its focus on providing an outstanding student experience. The University has also secured additional funding from the European Investment Bank which works with UK universities.
The University of Hull’s investment programme includes the newly opened £28m Brynmor Jones Library. The library has transformed the heart of the campus and includes an exhibition hall and art gallery, as well as providing technology-enhanced spaces which reflect modern learning methods.
A £9.5m refurbishment of the existing Middleton Hall will see a world-class theatre and cinema space created, along with recording studios and TV editing suite, all under development in readiness for Hull’s reign as UK City of Culture in 2017.
State of the art health facilities will also be added to the University with the creation of a new £26m health campus. Currently under construction, the health campus incorporates applied research and clinical skills facilities.
Further investment of £30m is also being made into brand new halls of residence with space for 560 students, due to open in September 2016, as well as a new £30m engineering facility.
The University is also making a significant investment to update its IT infrastructure and communications systems.
Stephen Willis, chief financial officer at the University of Hull, said: “We are committed to creating an environment in which our students can thrive. This ambitious programme of investment for students ties in with preparations across Hull in readiness for becoming the UK City of Culture in 2017, and complements the £310m manufacturing and research investment in the city by global engineering giant Siemens, and healthcare manufacturer RB’s £100m global research and development centre that will focus on the development of leading consumer health brands such as Nurofen and Gaviscon.
“The provision of new teaching facilities and accommodation enhance our offering to students. We have enjoyed an excellent relationship with the team at Lloyds Bank for several years and they have been very supportive in putting finance in place to help with the ongoing capital expenditure costs.”
David Hunt, relationship director at Lloyds Bank in Sheffield, said: “As the Higher Education sector becomes more competitive it is likely that those institutions offering the best teaching facilities and student experience will have an edge. It is good to see the University expanding its investment in its academic infrastructure and further enhance its world class teaching and research facilities”.