Kamloops posted May 31, 2016 @ 11:11am by Khang Nguyen

McGill residence re-acquired by TRU

Thompson Rivers University is advancing the timeline for its university village plan with the purchase of the McGill Residence on campus.

On Monday, the university announced it's in the process of reacquiring the residence property for $9 million.

The residences have been family-owned and operated since the university opened in 1988.

<who> Photo Credit: Google Streeview </who> McGill Residences.

“Buying back the lease, along with the residences, 33 years before its completion creates an immediate income source for TRU, and for the future, secures the ability to revitalize a key part of campus much sooner than would otherwise be possible,” said TRU's Matt Milovick, vice-president administration and finance.

According to Milovick, the purchase will be funded through past-accumulated surpluses and proceeds from the operations will be reinvested into student support and research.

TRU will take over managerial duties for the residence as of July 1. Current student residents of McGill will not be affected and registration for housing in September will proceed as usual.