Newfoundland and Labrador’s only university is facing major financial problems and is currently selling off a number of its properties around St. John’s and in the United Kingdom to further ease the pressure.

In a statement posted on the university’s official gazette website on Wednesday, MUN said its board had approved the university’s recommendation. The administration will vacate the Harlow Campus, Signal Hill Campus, Johnson Geo Center and Ingstad Building.

come After weeks of speculation On whether the university should retain Harlow. The campus is operating under a difficult financial outlook.

“This is a disciplined and intentional approach to financial management that will ensure Memorial’s resources are directed to where they can have the greatest impact,” Board of Regents Chairman Justin Rada told reporters Wednesday afternoon.

In that statement, M.The United Nations said the sale would at least save the university. Annual savings of $3 million are expected, with $20 million in deferred maintenance and annual operating costs reduced by at least $3 million.

Revenue from real estate was not accounted for, and the university said it was “not a driving force in this decision.”

Munich chairman Janet Morrison said the decision to remove the assets was not a reflection of the quality of work done there and did not necessarily make sense. “Activities and units within those buildings will be terminated.”

“This is an opportunity for Memorial to right-size its physical footprint and focus on what matters most,” she said.

He said there were no immediate layoffs as a result of the decision and that programs and scheduled events at the Harlow campus would continue until Aug. 31.

Harlow College has an annual capacity of 153 students, which is less than 1% of MUN’s total enrollment, she said.

“International learning experiences are important, and I had two as a student,” Morrison said, adding that MUN remains committed to making international learning opportunities accessible to students in other ways, and that proceeds from the sale of Harlow will also fund future scholarships.

‘CIt’s a reckless choice right now.”

The decision comes as the university struggles with declining enrollment, inflationary costs, crumbling infrastructure and a deficit of about $25 million.

“At the end of the day, Memorial faces significant financial pressures,” Prime Minister Scott Morrison said.

Earlier this month, the university announced layoffs. vice president Positions range from 7 to 3. On the same day, the state government announced it was reinstating the tuition freeze until universities’ finances were restored.

And over the summer, MUN announced budget cuts. Including 20 layoffs and Harris Center closure.

Regarding the Signal Hill campus, operations and bookings will continue at the Emera Innovation Exchange, an education and innovation space. It also does not mean any activities or units currently housed on the Signal campus will be discontinued, the university said. Graduate students will be able to live there for the time being, and MUN will help arrange alternative housing on the St. John’s campus.

MUN said if the sale of the property is not completed by April 2027, it will cease operations and close the building.

Rada said the world has changed since the decision was made in 2013 to buy the old Battery Hotel and turn it into a campus.

“Now we have to respond to the current climate, the current environment,” he said.

Just a stone’s throw from the Signal Hill campus is the Johnson Geo Center. MUN announced that it will open in April as planned, but will close if the sale or transfer is not completed by December.

center given to the memorial In 2019.

Prime Minister Scott Morrison said the university had ownership of the property and the Johnson Family Foundation had been informed of the decision in advance.

She said when the donations were accepted, she thought the operation would be “cost-neutral” and self-sustaining, but that was not the case.

MUN’s Strategic Sourcing and Printing and Postal Services, located in the Ingstad Building at 308 Elizabeth Avenue, will also relocate to the St. John’s campus.

Prime Minister Scott Morrison said the decision was necessary in the face of economic pressures.

“By making courageous choices now, we can make Memorial University stronger, more focused, and more resilient for generations of students and scholars to come,” she said.

Morrison said an evaluation of the assets was conducted before the decision to sell, which included weighing the importance of the assets to the university’s mission and operating costs.

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