UOM RECEIVES $110M DONATION FOR STUDENT HOUSING

ANN ARBOR, MICH. — Philanthropist Charles T. Munger has pledged a $110 million gift of securities to the University of Michigan to be used to build graduate housing. The 370,000-square-foot, eight-story building will be located on Central Campus on the north side of East Madison Street between South Division and Thompson streets. The anticipated opening date is 2015. Out of the total gift, $100 million will go toward the new facility, which will cost approximately $185 million. The remainder will be funded by lease revenue.