The University of Leicester in the UK has secured £55m in funding from the European Investment Bank (EIB) and Barclays to upgrade its campus.
The investment will be used to construct a new medical building, renovate the engineering building, refurbish sports facilities and the library building, as well as enhance the energy efficiency of the buildings in the campus, as many of them were built in the 1970s.
After completion, the medical building will house the School of Medicine, Psychology and Health Sciences.
Plans also include the construction of a new college court management centre with seminar and lecture facilities, as well as 120 residential rooms.
The main works are anticipated to be completed by the end of 2016.
University of Leicester vice-chancellor Professor Robert Burgess said the record investment over 25 years will help in creating a campus that matches Leicester’s ambition and reputation.
"Key to our plan is developing a campus that augments our strengths, provides scope for new ventures and developments and creates a ‘sense of place’ – a campus that provides a real sense of identity and that staff, students and visitors find memorable," Burgess said.
EIB vice president Jonathan Taylor said the project will ensure that future generations of students continue to benefit from new research and excellent education facilities.
"This flagship project is part of our strong commitment to long-term investment in UK universities and helping to develop education infrastructure in the UK and across Europe," Taylor said.
EIB said it recognises the long-term investment needs for universities and higher education institutions across the UK and over the coming years expects to be able to provide £200m a year in new funding for the sector.
Over the last five years, the EIB has provided £1.49bn for education investment in the UK. between 2008 and 2013 it provided loans worth over £17bn to 201 education projects across Europe.
Other projects in the Midlands recently funded by the EIB include the M6 Toll, Queen Elizabeth Hospital Birmingham and Jaguar Land Rover.
Image: University of Leicester’s engineering building. Photo: Courtesy of NotFromUtrecht.