The Royal College of Surgeons (RCS) England have received a £40m investment to transform their grade-II listed headquarters, which will significantly improve the functions they can perform for the next generation of surgical professionals.
Receiving the funding through private investment, it will allow the college to finance the final stages of the redevelopment of the historic Barry Building into a state-of-the-art headquarters.
This will assist in improved training for the next generation of surgeons, helping them achieve and maintain the highest standards of surgical practice and patient care.
Having commenced back in 2017, the redevelopment of the Barry Building is anticipated for completion in 2021.
With an investment term of 30 years and an amortising debt profile which represents a good match for existing future financial outlays, the deal represents a sustainable financial transaction for all parties involved.
President at the Royal College of Surgeons of England, Professor Neil Mortensen, said: “We are pleased to have secured this funding from PIC.
“The redevelopment will see the building transform from a sprawling warren of corridors, built in the aftermath of WWII, to a state-of-the-art training centre for future generations of surgeons, whilst retaining its historical significance.
“Our new building will be the nerve centre for the development and proliferation of the best surgical training techniques and practice in the world. Surgical skills taught here in the coming century, will radiate into operating theatres around the world, for the benefit of millions of patients.
“It is the first time we have worked with an institutional investor and the PIC team showed great understanding and knowledge in structuring this investment to meet our needs.”