KPMG Capital Advisory Group has successfully advised University College London (UCL) on a new £150 million revolving credit facility, led by HSBC alongside Barclays, Lloyds and RBS, to enable it to deliver its ambitious strategic vision UCL 2034. This will help to secure into the future UCL’s position as a world leading centre of learning, research, innovation and enterprise.
As part of the plans, UCL is refurbishing and upgrading its 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.
KPMG, led by Tim Metzgen, advised the university on its financing strategy, culminating in UCL negotiating a competitive club deal with four leading banking partners.
Phil Harding, Director of Finance at UCL, said: "We are a global university, with a proud history of academic leadership and excellence in the heart of London. Our 2034 vision will take us on a 20 year journey as we build a university for the 21st century and one that addresses the challenges and opportunities of the future.
“Getting the right finance package in place is vital to the future of such an ambitious project and could not have been achieved without the support of the team at KPMG and our banking partners. We are now looking to the future with confidence as we drive forward the development of UCL.”
Tim Metzgen, who leads KPMG’s debt advice to the sector, supported by colleagues Marc Finer and Sam Andrews, added: “We are delighted to have advised UCL, ranked among the world’s top universities, on a facility that will complement and support its exciting strategic vision for the future. This facility and the relationships with these key lenders to the sector will put the university in a great position to implement and develop its 2034 vision and its leading position at the forefront of innovation in higher education.”
Dan Howlett, HSBC’s Head of Large Corporate Banking in the UK said: “The landscape for higher education has changed a lot over the last 25 years, with more people choosing to go to university, and going with greater expectations of the facilities they will have available. The UK is a global leader in higher education and UCL is at the forefront.
“It is now more important than ever for universities to take a long hard look at what they can offer students to ensure they are fit for purpose, provide a high quality experience for students and enhance student satisfaction.”
Alastair Henry, Citypress (on behalf of KPMG)
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG is the leading financial advisor to the Higher Education sector, providing comprehensive support to numerous universities across a range of disciplines including Corporate Finance, Transaction Services, Tax and Audit
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