Stirling signs funding agreement with Santander for multimillion pound residences project

The University of Stirling has secured a multi-million pound finance package from Santander Corporate Banking to fund construction of a multimillion pound residences project which begins this summer.

The funding from Santander is part of a wider financial package which will enable the University to replace over 40 per cent of student accommodation on campus in a project phased over three years.

This is the largest capital project the University has undertaken since it was founded in 1967 and is an important development in attracting both domestic and foreign students to the University.

Liam McCabe, Director of Finance at Stirling, says:  “We’re extremely pleased to have the backing of Santander for this exciting project, which is a major platform for the University’s continued growth and development.

“We are committed to investing in top class accommodation for our students which, added to the high quality provision of teaching and research, will help to make the University even more popular to prospective students.  We would also hope to attract a bigger share of the conference and tourist market, encouraging more visitors to the Stirling area.”

Tony Quinn, Relationship Director at Santander Corporate Banking in Edinburgh, says: “It has been a pleasure to work with the University of Stirling and to be able to get the right finance solution to fit their needs. I look forward to developing this relationship further in the future and wish the University every success with these capital plans.”

Stirling obtained planning consent for the residences project in April 2012 and work should begin on the site in August.