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UEA Raises £175m for Its Capital Spending Programme

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

The University of East Anglia (UEA) has finalised a deal that will provide incremental financing to support the university's programme of investment in teaching and research facilities.

The £175m transaction will enable the university to refurbish its grade 2 listed Lasdun Wall, which forms part of the UEA 2030 Vision.

The financing package consists of a £75m 30-year private placement with existing lender Barings, alongside a £100m 10-year revolving credit facility from Natwest.

Commenting on the deal, Professor David Richardson, UEA Vice-Chancellor, said: "We are building a university of the future through our bold UEA 2030 Vision, which includes a major programme of investment in state-of-the-art teaching and research facilities for our staff and students on our Norwich campus. With the long-term support of our lending partners, we can start a pivotal phase of that development and refurbish our much-loved Lasdun Wall. The flexible and competitive financing package reflects UEA's position as a leading university and lenders' confidence in our plans."

As part of the deal, the university has moved all its debt finance to a fully unsecured position.