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University of Strathclyde

University of Strathclyde

Date
May 2011

Sector
Education

Transaction
EIB Funding

Value

Role
Advice in relation to funding to support the University's campus development

Ambitious plans by the University of Strathclyde for a £300 million investment in its campus have taken a significant step forward after the signing of a loan agreement with the European Investment Bank (EIB). 
The loan will help to fund the £89 million Technology and Innovation Centre (TIC), at Strathclyde, as well as refurbishing a number of key campus locations, signifying the EIB’s commitment to investing in the University’s vision for the future. 

The Technology and Innovation Centre will transform the way the University, business and industry collaborate to bring competitive advantage to Scotland. It will bring together 850 academics, researchers and project managers from the University and its leading industrial partners to work side-by-side in a state-of-the-art building in the heart of Glasgow.

TIC will become the cornerstone of Scottish Enterprise’s new International Technology and Renewable Energy Zone (ITREZ) – a global economic hub to bring innovative businesses to Glasgow to sit alongside the University.
The loan will also bring investment to the Strathclyde Business School, providing the facilities to compete with those of comparable leading schools throughout Europe. In addition, a major overhaul and upgrade of the James Weir Building will make considerable improvements to the environment. 

Professor Jim McDonald, Principal of the University of Strathclyde, said: “The signing of this agreement marks a significant milestone in our plans for investment and I am delighted that the European Investment Bank is sharing in our vision for the future.

“The Technology and Innovation Centre will help transform Glasgow and Scotland by putting the graduates and research produced by higher education at the heart of economic growth and creating job opportunities for many of our citizens. By capitalising on our leading, industry-relevant research, TIC will attract millions of pounds of inward investment to the city, drive global businesses and support the development of our highly-qualified graduates and postgraduates.

“The other improvements to the campus will better integrate our faculties and facilitate the sharing of specialised services across the University. This considerable programme of work will help us to attract leading academics and students to Strathclyde from across the globe. 

“Receiving this level of support from the EIB provides us with the opportunity to take a substantial step forward and further demonstrate our commitment to accelerating the pace of research and development, the generation of high quality graduates and delivery of  benefit to companies, the economy and Scotland.”

European Investment Bank Vice President Simon Brooks said: “Refurbishment of the University of Strathclyde campus will improve teaching, learning and academic research for future generations. The European Investment Bank is committed to development of the knowledge economy across Europe and is pleased to support this important crucial investment in one of Scotland’s leading academic institutions.”

Over the last five years the European Investment Bank has provided £1.3 billion for education investment in the UK. Education projects financed by the EIB cover investments and development of education at all levels across the European Union. Between 1997, when the EIB started financing investment in education, and the end of 2010, loans worth EUR 20.4bn went to more than 175 projects in the European Union.

The £300 million investment in the campus will also include work on the Thomas Graham Building, improvements to the John Anderson Building and refurbishment of the Lord Hope and Curran buildings to accommodate the new Faculty of Humanities and Social Sciences.

A new Centre for Sport and Health will also be created to replace the existing facilities currently located in three separate buildings. This will accommodate the sport element of the Department of Physical Activity for Health, as well as the Sports Union and the Centre for Sport and Recreation.

Work on TIC’s high-spec building is expected to begin at the start of next year, with the official opening taking place in early 2014. At 22,000 square metres, the landmark building will house specialist, shared and flexible laboratory facilities, enabling world-class researchers to respond to real problems in partnership with industry, government agencies and other organisations.

For further information contact

Stephen Bell

Partner

+44 (0)131 222 2603

QMPF LLP, Excel House, 30 Semple Street, Edinburgh EH3 8BL
+44 (0)131 222 2600
info@qmpf.co.uk

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