Legal & General commits £4bn to Oxford University partnership, creating a blueprint for future cities
Legal & General announces that it has formed a 50:50 partnership ("the Partnership") with Oxford University ("the University") to develop homes for University staff and students, together with science and innovation districts in and around Oxford.
As funding and development partner for the University, Legal & General’s Future Cities business will provide up to £4bn of funding over the next ten years from Legal & General’s shareholder, annuity and LGIM-managed funds. The funding will, subject to planning, deliver a series of projects for the University, including the development of new homes for University staff and students, and the creation of science and innovation districts, with modern workspace and research facilities.
With its world-class university, Oxford is one of the UK’s fastest growing cities1 and competes among the top technology clusters in the world. The city however lacks affordable residential and commercial space that is essential for the University to continue to attract research graduates, and support spin-out and scale-up businesses. Accelerating Oxford’s potential by addressing these challenges is the fundamental ambition of the Partnership.