University seals £45m HSBC deal to fund trio of building projects
Birmingham City University has secured a £45m finance deal from HSBC to enable it to finish building work on three projects this year.
The five-year revolving credit facility will provide project finance and working capital to enable the completion of three construction projects in 2017.
This includes the new Birmingham Conservatoire, an extension to The Curzon Building at City Centre Campus and the extension to the Seacole building at City South Campus.
The university’s Conservatoire is the first complete new build conservatoire in the UK since 1987, and will provide state-of-the-art performance space. The new Curzon Building extension will house over 3,000 students and members of staff and features more than 650-rooms, a student hub, lecture theatre and mock courtrooms, adding a 100,000 sq ft extension. The new Seacole Building will accommodate the relocated School of Education as well as the new School of Life Sciences.
Chris Hall, director of finance at Birmingham City University, said: “Birmingham City University plays a pivotal role in the West Midlands economy and in transforming students’ lives. We have strong industry connections and supply a talented and diverse graduate pool to support economic growth in the region and beyond. The development of our facilities is key to the university’s growth and this agreement with HSBC will help finance their completion.”
Jon Bramwell, managing director for large corporates, Midlands & East, at HSBC said: “This deal reflects the wider development and growth which Birmingham is currently experiencing while also investing in its future.
"We are keen to continue to develop our strategic partnership with local universities given the establishment of our UK headquarters in Birmingham’s Enterprise Zone.”
HSBC is preparing to move into the new headquarters for its British retail banking business – a 10-storey 210,000-sq-ft office building in Centenary Square – in January next year.
Suzy Verma, head of public sector & education in the UK at HSBC, added: “We continue to work with Midlands’ universities to support their growth plans, as in this case with exciting new facilities at BCU, which are increasingly attracting both inward and outward investment as the strategic importance of the Midlands intensifies.”
