(London) – Aviva Investors, the global asset management business of Aviva plc, announces it has completed an investment to finance the construction of two new campus developments at Cardiff and Vale College.
The investment has been made by Aviva Investors on behalf of Aviva’s Insurance, Wealth and Retirement (‘IWR’) business.
Cardiff and Vale College is one of the largest further education institutions in the UK, with around 30,000 full time students. Once built, the two complexes are expected to provide specialised education facilities for nearly 3,000 students each year.
The two new campus buildings will be constructed at two separate sites, with the Barry Waterfront Campus close to the centre of the town, and the Advanced Technology Centre located near Cardiff Airport.
Construction of the Barry Waterfront Campus will see the regeneration of an existing, but currently vacant, site. When complete, the Campus is expected to provide 6,000 sq m of space for up to 900 students each year. This will include restaurant facilities and a covered external dining area, as well as garden terraces and courtyard space, classrooms and IT facilities. It will also feature commercial enterprises such as hair and beauty salons, and a restaurant which will be run by students and open to the public.
Located near Cardiff Airport, the 13,000 sq m Advanced Technology Centre (ATC) is expected to accommodate approximately 2,000 students when completed. A state-of-the-art site offering a mix of traditional teaching and vocational spaces to support the College’s curriculum, it will provide facilities focused on advanced manufacturing and robotics, alongside the creation of a ‘Green Skills House’ where students will have the ability to learn about renewable technologies and be taught retrofitting skills.
The two sites are expected to be operational in time for the 2027/2028 academic year.
The scheme also has ambitions to achieve strong sustainability credentials, helping to ensure the College is ready for the future. Incorporating efforts to help mitigate potential flooding risks in the area, the Waterfront development will feature drainage systems that can manage and reduce surface water run-off from storms, through the installation of raingardens, whilst it will be constructed to sit above predicted flood levels, even in the event of once-in-100-year storms. It will also target net zero carbon once operational, whilst seeking to adhere to an embodied carbon target of no more than 800kg of carbon dioxide equivalents per sq m.
The project was procured under the Mutual Investment Model (“MIM”), a Public Private Partnership initiative specific to Wales. It is the fourth investment Aviva Investors has made in partnership with the Welsh Government under the model. In 2022, it provided financing towards construction of the Mynydd Isa campus in Flintshire, the first school to be funded under the MIM, as well as being just the second confirmed PPP transaction in the country. Last year Aviva Investors also provided financing towards the development of the new Velindre Cancer Centre in Cardiff, replacing the existing facility originally built in 1956 and which provides specialist cancer services to over 1.7 million people in South East Wales and beyond.
Darryl Murphy, Managing Director, Infrastructure, at Aviva Investors, commented:
“We are very pleased to provide funding towards this ambitious project. We are also very grateful to extend our work with the Welsh Government, building on our existing relationship across a number of other incredibly important infrastructure schemes around the country. This is another example of how we are able to use our investment activity to support delivery of a scheme which we think will deliver considerable social benefits for the local community and beyond, whilst also contributing towards long-term investment outcomes for savers.”
Ashish Dafria, Chief Investment Officer at Aviva, added:
“As one of the largest investors into projects around the UK, we know the importance that these schemes can have in nurturing future talent and growth, and we’re delighted to support the development. ATC will offer courses designed to meet the needs of employers in advanced technologies and green skills, so this is a great opportunity to invest in educational facilities that equip students with skills to help the businesses of tomorrow get ready for the future.”
Christian Stanbury, CEO, Welsh Education Project Company:
“We’re delighted to be partnering once again with Aviva Investors on this flagship College project. These Further Education facilities represent the first and largest College project within the Welsh Education Programme pipeline and we’re proud to retain our partnership with Aviva Investors which was established when our company began. This relationship allows us to deliver consistency and efficiency alongside our high quality, sustainable developments for Wales and the communities we work in.”
