26th September 2005
UNIVERSITY TO INVEST MILLIONS IN
ARCHITECTS’ IMAGES AVAILABLE ON REQUEST
refinancing deal has released £30 million to enable the
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.
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.
parallel with this initiative, a masterplan for a sustainable campus is taking
also at an advanced stage to improve the facilities in the
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
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.
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
Sanctuary Housing Association is an Industrial and Provident Society, an exempt charity under the Charities Act 1993 and regulated by the Housing Corporation.
To request images or to arrange an interview contact:
Jez Ashberry, Press and Media Relations Manager
01522 886042 firstname.lastname@example.org
Visit our news web pages: www.lincoln.ac.uk/news/latestnews.htm