University College Cork (UCC) has secured a €50 million investment from the European Investment Bank (EIB) for the construction of its new business school in Cork City. The development of the Cork University Business School (CUBS), with an estimated cost of €115 million, is set to commence next year following the approval of planning permission in April.
The new CUBS will be situated on the former site of Brooks Haughton builders provider on South Terrace and Copley Street. It will span three to six stories, covering an area of 15,675 square meters, and will include state-of-the-art teaching and research spaces, a 350-seat lecture theatre, a restaurant, a courtyard, and a roof garden.
The announcement of the funding was made during a meeting of the EIB-Ireland Financing Group held at UCC. The group aims to explore opportunities for supporting economic development, job creation, and Ireland’s transition to a low-carbon and sustainable future.
Apart from the €50 million loan from the EIB, the CUBS Development Project will be financed through exchequer support and a €25 million grant from the Higher Education Strategic Infrastructure Fund (HESIF). The remaining funds will be raised through a philanthropy campaign led by the Cork University Foundation.
CUBS is one of Ireland’s largest business schools and produces around 1,000 graduates annually. It holds double accreditation from AACSB and AMBA and ranks within the top 200 business schools worldwide.
The construction phase of the CUBS building project is expected to employ approximately 200 people. UCC also plans to preserve the historic 18/19 South Terrace as an integral part of the development.
Ricardo Mourinho Félix, Vice-President of the European Investment Bank, expressed the institution’s commitment to supporting academic and business excellence through the funding of the Cork University Business School. Professor John O’Halloran, President of UCC, expressed gratitude for the EIB’s support and highlighted the positive impact the new business school would have on the city, region, and nation.
Minister for Finance and governor of the European Investment Bank, Michael McGrath, chaired the meeting and highlighted the EIB Group’s €1 billion engagement in Ireland in the previous year, emphasizing the transformative role of long-term investments in academic and research facilities, sustainable growth, and economic opportunities throughout the country.
