UK Guarantee given to £292m of borrowing on the Waterside Campus Project
The University of Northampton’s £330m new campus development has been backed by the Treasury with a UK Guarantee.
The Treasury will guarantee £292m of borrowing by the University to build the Waterside Campus Project, which will see the University relocate to a new campus in the town centre.
The campus is scheduled to be ready to be used by the University’s 14,500 students in autumn 2018.
The University will generate £232m of borrowing through issuing a public bond and £60m through a loan from the Public Works Loan Board.
The remainder of the funding will come from the University’s cash reserves and cash from the sale of its existing campuses.
Chancellor George Osborne said that the UK was “leading the way” in “finding innovative solutions” to support the “huge financial commitments” required by infrastructure projects.
He added: “The University is a vibrant part of the town, contributing £239 million to the local economy, and I look forward to seeing the new campus encourage further development of the Northampton Waterside Enterprise Zone.”
Nick Petford, vice chancellor of the University of Northampton, said the guarantee was a “massive step forward” for the scheme.
He said: “Our new Waterside Campus will help to continue the transformation of our institution into a world-leading centre for education, research and social impact.”