UCC secures €50m funding for new Cork business school

View of the planned UCC CUBS building on Cork's South Terrace. Picture: GNET-3D

University College Cork has secured a €50m investment from the European Investment Bank (EIB) for its new business school to be located in Cork City.

Construction is due to begin next year on the €115m Cork University Business School (CUBS) after planning permission was granted for the development in April.

It will be located on the former Brooks Haughton builders provider site on South Terrace and Copley Street. The new CUBS will be a three to six-storey building of 15,675 square metres and will feature teaching and research spaces, a 350-seat lecture theatre, a restaurant, a courtyard and roof garden.

The funding announcement was made in Cork as the EIB-Ireland Financing Group meet in UCC today to explore how future engagement can assist economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.

CGI view of the interior of UCC's new CUBS building.

In addition to the EIB loan announced today, the CUBS Development Project will be financed via exchequer support and a €25m Higher Education Strategic Infrastructure Fund (HESIF) award. In addition, Cork University Foundation will spearhead a philanthropy campaign to raise the remaining funds. 

CUBS is one of Ireland’s largest business schools, producing 1,000 graduates annually, and is a worldwide top 200 double accredited (AACSB and AMBA) business school.

It is anticipated that 200 people will be employed in the construction phase of the CUBS building project. UCC also intends to conserve the historic 18/19 South Terrace as an integral part of the development.

"Over the last 12 years the European Investment Bank has backed visionary investment to transform academic and student life at all of Irish Universities," said Ricardo Mourinho Félix, European Investment Bank Vice-President.

"The EIB is delighted to support Cork University Business School’s pursuit of academic and business excellence and support new investment to provide students and staff with a world-class facility that fosters collaboration, creativity, and knowledge exchange."

"The new €50m financing for Cork University Business School demonstrates the EIB’s firm commitment to strengthen education and research institutions that contribute to Ireland's economic and social development," he said.

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Professor John O'Halloran President of UCC, expressed gratitude for the EIB's support, saying, "We are developing a stunning addition to Cork City. Business schools act as dynamic hubs of learning, innovation and entrepreneurship in cities and we are excited to develop a new home for our future business students.~"

"We have a track record of working with the EIB and developing a global business school for Cork will lead to lasting benefits for our city, region and nation.”

Minister for Finance and governor of the European Investment Bank Michael McGrath will chair today's meeting and will highlight the €1bn engagement by the EIB Group in Ireland last year.

“Once again the EIB has enabled long-term investment to transform academic, research and education facilities in Ireland alongside driving sustainable growth and supporting key sectors, improving services, and strengthening economic opportunities for people across Ireland," he said.