RBS backs university redevelopment work
MAJOR redevelopment work at the University of Warwick is being supported by the Royal Bank of Scotland.
The undisclosed funding will be used towards the further development of new academic and student facilities including accommodation.
The institute plans to double the number of postgraduate research students by 2014 and has started a three-year build programme to add 1,000 new student rooms.
RBS says the deal is the first of its kind to have been done through the European Investment Bank’s new £500m knowledge economy fund.
The bank is a partner of the EIB in distributing the fund, which provides discounted finance packages for FE facilities, science parks and incubation centres.
The university currently has over 21,000 students and employs around 5,000 staff.
Vice-chancellor Professor Nigel Thrift said: “This agreement with RBS enables us to make even more investment in our campus and the student experience.
“In particular, it will assist in the creation of over 1,000 new student rooms to help meet the high demand for places on both our undergraduate and postgraduate degree programmes.”
Stewart Ward, head of education at RBS Corporate, added: “We’re delighted to be able to provide this funding.
“We’ve worked with the university over a number of months to tailor a solution that was innovative and fit for purpose, and it’s very exciting for us to use the new EIB fund to provide this facility.
“This sets a new precedent for how higher education institutions are funded and we look forward to using this fund to structure more transactions for them.”
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