UAX Secures EUR 55 Million Credit Facility for Malaga Campus

✦ Meridian Analysis

Universidad Alfonso X el Sabio has signed a €55 million project‑finance credit facility that will fund the construction of its new Malaga campus. The loan is provided by a syndicate comprising the European Investment Bank, Triodos Bank, Unicaja and Ibercaja, while Spanish Urban Development – a vehicle managed by Arcano Partners that channels resources from the EU‑backed Resilience Fund – contributes an equity‑style €55 million. UAX will also inject €45 million of its own capital. The structure follows a classic project‑finance model: the debt is serviced solely from the cash flows generated by the campus, a format that until now has been limited to sectors such as energy, transport and health. DC Advisory acted as financial adviser on the transaction, and the facility is independent of the earlier Cinven‑CVC equity deal that gave the private‑equity group a majority stake in the university. The deal marks the first instance of project‑finance debt being used for a private‑sector university in Spain, and the new credit line will support the planned addition of a medical degree in 2027‑28. What remains undisclosed are the loan’s pricing, tenor and any covenant package, as well as the timetable for drawdowns and any required regulatory clearances. Professionals will also watch whether additional lenders or mezzanine providers join the financing as the campus progresses to later construction phases.

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