Sir Robert McAlpine closes financing for Glasgow Campus
A consortium led by Sir Robert McAlpine has completed financing for the City of Glasgow College New Campus NPD (Non-Profit Distributing) project in Glasgow.
According to Construction Enquirer, Barry White, Chief Executive of the Scottish Futures Trust (SFT), said:
"Yet again we have reached financial close on a massive construction project in record time. This £228 investment represents the single largest estates investment in the college sector in Scotland."
The project investment is publicly and privately financed with funding support from the Scottish Government via the Scottish Funding Council (SFC) and from the College's financial reserves. The European Investment Bank is investing 50% of the senior debt with KfW IPEX-Bank and Helaba providing the remainder.
The Glasgow Learning Quarter consortium, which also includes our Capital Ventures team and Forth Electrical Services, won the 25-year concession to design, build, finance and maintain the new campus in February 2013.
The circa 70,000m2 development will comprise two new buildings constructed on college land at Cathedral Street in Glasgow city centre and at Thistle Street on the banks of the River Clyde.
The technology-rich new campus will transform the learning landscape for some 40,000 students and 1,200 staff in Glasgow and Scotland.
Work was anticipated to start on site in July 2013.
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