26th September 2005





A major refinancing deal has released £30 million to enable the University of Lincoln to complete its campus at Brayford Pool.


For the past 18 months the university has been negotiating a complex financial arrangement that will unlock the resources to finance in part the university’s major development programme over the next five years.


Last week the university’s Brayford Student Village was transferred into a new charitable vehicle called Lincoln Student Solutions Limited (LSL) which is jointly owned by the university, Sanctuary Housing Association and the Bank of Scotland.


The contract is expected to run for 35 years, during which time the residences will be managed by Sanctuary Management Services, a member of Sanctuary Housing Association.


In return for transferring the residences to LSL the university will forego the rents it receives for the premises but receive an upfront premium of  £30 million.


At the end of the 35-year period the residences will return to the university in a fully serviceable condition.


The funds will be used to reduce the university’s exposure to loans, thus enabling the university to commit to the Student Centre in the former railway engine sheds at Brayford Pool, the Business & Law faculty building, an extension to the Brayford Science Centre and phase two of the Great Central Warehouse Library.


In addition there will be a £1m environmental improvement scheme including a pedestrian bridge across the river Witham to give the university a new 'front door' at the eastern end of the Brayford Pool campus.


As well as enabling the university to release its full growth potential at Brayford Pool and go a long way to help ‘complete the project’, the funds will make the university one of the most attractive in the sector.


In parallel with this initiative, a masterplan for a sustainable campus is taking shape at Riseholme Park and phase two of the Holbeach campus is being worked up in partnership with the food industry in the south of the county.


Plans are also at an advanced stage to improve the facilities in the Derek Crothall Building in Hull and to work in partnership with Hull College with the School of Art & Design.


Taken together, these initiatives will significantly enhance the university in the new higher education market place of 2006.


The Vice Chancellor, Professor David Chiddick, emphasised the importance of this initiative and especially thanked the Finance Committee and the members of the Board of Governors for the immense amount of work that they have put in over the past 18 months to bring this project to a successful conclusion. 


“Students living in the village and staff working for the residences will be largely unaware of the changes,” said Stephen Avery, Director of Finance & Resources, who has taken the lead in negotiating the arrangement for the university.


“The deal is an extremely good one for the university in that it secures the maintenance of the halls of residence and maintains a shared interest by the university in the charitable vehicle while unlocking finance essential to realise the full potential of this university.”


Notes to Editors


Sanctuary Management Services is a member of Sanctuary Housing Group.


Established in 1969, Sanctuary Housing is a successful leading edge housing provider, managing over 43,000 homes throughout England and Scotland including general rented, sheltered and supported accommodation, student and key worker accommodation.


As a not for profit organisation, all income goes into maintaining high standards and updating and developing services.


Sanctuary Management Services (SMS) was set up in 2001 to respond to the growing demand for the provision of tenancy and broader facilities management services in the NHS, further education and PFI markets.


Sanctuary Housing Group, which has Investors in People accreditation, employs over 2300 people, based at its network of area offices. Its head office is located in Worcester. 


Sanctuary Housing Association is an Industrial and Provident Society, an exempt charity under the Charities Act 1993 and regulated by the Housing Corporation.



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