DfE Confirms Tuition Fee Freeze
22nd Jan 2021
The specialist insurer of defined benefit pension funds, Pension Insurance Corporation plc (PIC), has invested £145m in debt issued by Durham University.
PIC secured the largest allocation of a total debt issuance of £225m, and was able to offer very long-dated funding with £70m maturing in 2058 and £75m maturing in 2067, to match PIC's pension payments.
To date PIC has invested more than £500m in UK's universities.
These latest funds are unrelated to the separately financed £90m Durham student accommodation deal, which will be used to support the delivery of the University Strategy, 2017-2027.
The University is looking to continue its mission to contribute to society by delivering world-class research and education and an unrivalled student experience.
Part of this strategy includes an extensive Estate Masterplan, which will result in the development of new buildings while delivering significant refurbishment to existing buildings.
Projects include the creating of a £40m Teaching and Learning Centre along with a £31m investment in an integrated Maiden Castle Sports and Wellbeing Park. Other investments include the opening of two new College facilities as part of the £85m Mount Oswald scheme, as well as the construction of a £40m new home for the university's Mathematical Sciences and Computer Science departments.
Commenting on the latest debt issue, Professor Stuart Corbridge, Vice-Chancellor of Durham University, said: "We are pleased to have worked with PIC on this debt issuance. The PIC team has a very good understanding of the needs of universities as a result of their extensive experience of investing in this sector and were flexible and responsive in helping us achieve our aims."
"Durham University is performing extremely well and will now further enhance its position as the number one UK university combining excellence in research, education and the wider student experience."
