On Tuesday, May 27, University of California Investments, also known as the Office of the Chief Investment Officer of the Regents, purchased 96.5 acres of property from Notre Dame de Namur University, with the deal set to be finalized this summer. The financial terms of the deal are unknown.
NDNU is a Catholic, nonprofit university located in Belmont, California, whose property includes a 46-acre campus and a 50.5-acre portion of Water Dog Lake, all of which UC Investments purchased in this acquisition. UC Investments will continue the NDNU agreement to lease Water Dog Lake as a public park to the city of Belmont.
Per the University’s website, NDNU focuses on providing graduate, credential, and bachelors’ programs for adult learners “from diverse backgrounds.” Most of its programs are offered online.
Beth Martin, president of NDNU, told the San Mateo Daily Journal how its online modality helped decide this change. “We need a very small footprint, and maintaining a campus this size doesn’t make sense,” Martin said.
This new deal leases the campus back to NDNU for the next five years for its in-person classes while NDNU finalizes its relocation plans. As part of the deal, UC Investments also agreed to fund renovations of the campus’s Ralston Hall Mansion and Carriage House, which are registered National and California Historic Landmarks.
UC Investment’s purchase follows Stanford University’s withdrawal from four-year long negotiations with NDNU this past February; Stanford cited a longer-than-expected timeframe in establishing “[the] uses for a potential Belmont campus” as its reason for ending the negotiations.
NDNU’s Board of Trustees and the Sisters of Notre-Dame East West Province Leadership signed the sale agreement with UC Investments. The Congregational Leadership Team, the archbishop of San Francisco, and the Holy See — the governing body of the Catholic Church in Rome — must approve the deal before it is formalized, per protocol for Catholic institutions such as NDNU.
Jagdeep Singh Bachher, chief investment officer and vice president of investments for UC Investments, gave a statement on this acquisition to the San Francisco Chronicle.
“Centennial investing is one of our 10 investment pillars, and we’re convinced this long-term asset will greatly benefit UC, Notre Dame de Namur University, and the Sisters of Notre Dame de Namur for at least the next 100 years,” Bachher said.
In a statement published on NDNU’s website, Martin shared her thoughts on UC Investments’ purchase.
“We are delighted to have found in UC Investments a responsible and mission-aligned steward for our beautiful and historically significant campus property,” Martin said. “This agreement ensures continuity for our students and honors the vision of the Sisters of Notre Dame de Namur.”
Beyond the five-year lease, the UC has not announced any long-term plans for the property.
