Cripps in £75m University of Kent transaction
Cripps has worked with the University of Kent to unlock up to £75m in funding for campus enhancements.
The loan from the European Investment Bank (EIB) will provide working capital for the university to support a programme of improvements to its Canterbury and Medway campuses.
“We have worked with the University of Kent on a number of big schemes in the past and were delighted to so again,” said Paul Lester, a partner at Cripps, who handled the project along with banking specialist Craig Bowers.
“The university is absolutely committed to teaching and research excellence as well as to delivering the best possible student experience. Securing this loan from the EIB, which can be drawn on as and when needed over the next three years, will help support that commitment.”
Jane Higham, Director of Finance at the University of Kent, added: “We have a longstanding relationship with Cripps and were very pleased with the advice and support we received from Paul Lester and Craig Bowers. They were an essential part of our team, helped to flag up the key issues we needed to consider and worked diligently to complete the project on time.”
The loan funding, repayable over a period of up to 25 years, will advance the existing Templeman Library development at the university’s Canterbury campus and support improvements to both academic and teaching spaces at both its Medway and Canterbury campuses.
In addition, the funds will be used to develop a new building for the university’s business and mathematics schools and provide additional space for the other academic schools that have recently seen significant growth.
Plans for new student facilities are also being developed, including the construction of a student administration building which will provide a one-stop-shop service to students. Further buildings are to be updated to reduce energy costs by an estimated 19 per cent.
Construction on some of these projects is already under way, with all works expected to finish by 2018.