Dublin City University (DCU) has announced a new €230m capital development plan.

The university says the plan will physically transform the multi-campus university and "provide a platform to realise its ambitions in research, teaching and learning, student experience and enterprise engagement".

It has been successful in securing a long-term loan and finance over the next five years.

It will be provided by the the Ireland Strategic Investment Fund and the European Investment Bank (EIB) to build a new student centre, sports facilities, additional on-campus accommodation and digital teaching spaces.

The remainder is being funded by philanthropic donations, government grants, student contributions and funding from the university itself.

The Ireland Strategic Investment Fund - managed by the National Treasury Management Agency (NTMA) - has initially committed €54m.

Artist's rendering of new DCU Student Centre | Image: DCU

The investment will also allow for the upgrade of facilities on the All Hallows Campus, recently sold to the university, and the construction of student accommodation.

On the Glasnevin campus, the finance will allow a buy-back of existing campus residences and construction of a further 560 on-campus student accommodation.

This will bring the total capacity to over 2,200 student bed units across the campuses.

The agreements were announced at an agreement-signing ceremony at DCU.

Professor Brian MacCraith, DCU President, commented: "We can now fully embark on this ambitious programme of development which will not only advance our mission of excellence in education, research and innovation but also enhance the DCU student experience of a growing student body which will number 16,000 on completion of incorporation of St Patrick’s College, Drumcondra, Mater Dei Institute of Education and the Church of Ireland College of Education in September this year".