11 February, 2009
Manchester Metropolitan University has revealed a £70 million funding boost towards its ambitious plans to redevelop its campus.
The senior debt finance, from Barclays Commercial Bank, forms part of a £300 million investment the university plans to make in its infrastructure between now and 2015, including a new business school, student accommodation and sports facilities.
The deal is significant too as it signals that the major banks are beginning to lend again.
Lawrie Grant, chief operating officer and financial director at MMU 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.”
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”
Eversheds provided legal support to Barclays with Addleshaw Goddard advising the university
Source: Manchester Knoweldge Capital