1 Dec 2009

University raises $50m from investors for building plans

7:24 am on 1 December 2009

The University of Canterbury has raised about $50 million from investors to help fund its building plans.

The university had hoped to raise up to $100 million through New Zealand's first listed philanthropic bond issue, in which visitors can waive part or all of the interest paid as well as the capital when the bond matures.

However, Canterbury University vice-chancellor Rod Carr says it is happy with the support received, which included funds from institutional investors.

The university estimates it needs $500 million for refurbishments, new buildings and an Information and Communication Technology base to keep up with its international rivals.