The European Investment Bank (EIB) is set to lend €70m to Trinity College in a deal that will help finance capital projects including the construction of additional student accommodation and the new Trinity School of Business, according to a report in today’s Irish Independent.
College is reported to be in talks with the EU bank to agree on the term and interest rate.
The loan, which has been approved in principle, will also partly finance the upgrading of IT infrastructure and the purchasing of a building to house the Institute of Population Health.
It will additionally help to cover the construction of a €75 million cancer research and care institute at St James’s Hospital, and an institute for engineering, technology and natural sciences.
The overall cost of the work is believed to be about €148m.
College announced its intention to build 2,000 extra accommodation places for students at the launch of its €600m five-year strategic plan in October.
A large section of Oisin House on Pearse Street will be converted into up to 350 student residences as part of the plan.
Provost Patrick Prendergast named Windmill Lane and Sir John Rogerson’s Quay as possible sites for additional residences shortly before the launch, but said that “the right developer” had not yet been found.
College had previously confirmed its intention to build a new €32m business school in November 2013.
The school will be co-located with an innovation and entrepreneurship hub in a new €70m development.
A college spokesperson had not responded to a request for comment at the time of writing.