£45m facility to fund new arts building at Salford Uni
THE University of Salford has secured a £45m revolving credit facility to help finance the building of a new arts building.
The university has already announced planning permission for the new £51.35m arts building, which will be funded using the facility from Lloyds Bank Wholesale Banking and Markets, Manchester.
The teaching facilities include recording studios, arts and design studios and a theatre which will be accessible by the local community.
Mike Stevenson, relationship director for Lloyds Bank Wholesale Banking and Markets in Manchester, said: “To have the chance to support such highly visible investment projects is a superb opportunity for us.”
The bank has also provided £3m in funding to Hopwood Hall College to allow redevelopment of its Rochdale Campus.
The Rochdale campus of Hopwood Hall College is located in the heart of the town centre and work is being carried out as part of a wider regeneration plan.
Mr Stevenson said: “Along with the Hopwood Hall College redevelopment, both projects will create local landmarks and provide additional facilities to local communities as well as attracting students and skills from other areas.”
Both projects are now underway. The redevelopment of the Rochdale campus is on schedule to be completed in March 2012 while the Arts Building at the University of Salford is expected to complete in 2014.
