Pinsent Masons, has successfully advised UCL (University College London) on a new £280 million long term facility over 30 years, provided by the European Investment Bank (EIB).

This round of funding follows an initial £150 million revolving credit facility in March 2015, led by HSBC, alongside Barclays, Lloyds and RBS.

Both rounds of funding are part of a commitment by UCL to a programme of capital investment, which will see £1.25 billion spent over ten years to support delivery of its strategic 2034 vision, helping to secure UCL’s position as a world leading centre of learning, research, innovation and enterprise.

Pinsent Masons provided legal advice to UCL on the EIB facility. The team comprised associate Pippa Whitmore and partner Edward Sunderland, who commented:

“We are pleased to have played a part in the latest UCL project to obtain this significant funding package, having worked with and advised UCL on various mergers in the past. This funding will help UCL secure its strategic 2034 vision, and it's been a pleasure to be part of the process.”

Pinsent Masons and KPMG provided advice on the latest round of funding, which will continue the work already underway to refurbish and upgrade UCL’s Bloomsbury campus as well as establishing UCL East – a major new higher education and cultural hub in East London at the Queen Elizabeth Olympic Park.

Phil Harding, Director of Finance at UCL, said:

“I am delighted that we have been able to secure flexible and long term debt facilities that will enable delivery of an ambitious programme of estate transformation for UCL. The teams at KPMG and Pinsent Masons have combined very effectively to deliver an outcome that matches our needs perfectly and on terms that are better than we had expected.”