Legal & General announces £4bn development partnership with Oxford University
June 29, 2019 – UK-based financial services firm Legal & General has partnered with Oxford University to invest £4bn to develop housing for the university’s staff and students.
As part of the 10-year partnership, Legal & General’s Future Cities business will serve as the university’s funding and development partner.
The development includes staff and student accommodation as well as science parks with laboratories and research facilities.
Subject to planning, the funding will deliver a series of projects for the university.
The new partnership with Legal & General is a part of the university’s 2018-2023 Strategic Plan, which aims to provide at least 1,000 subsidised homes for staff, and at least 1,000 units of affordable graduate accommodation.
University of Oxford vice-chancellor Louise Richardson said: “We look forward to working together to address some of the most pressing challenges facing the University today.
“We will build much-needed graduate accommodation, subsidised housing for University staff, and new science parks, where academic departments, University spin-outs and commercial partners can work together to create new companies as well as high quality jobs.”
The first projects planned under the partnership include redevelopment of graduate student accommodation in Wellington Square, Court Place Gardens and Ewert House; and construction of graduate student accommodation at Osney Mead.
It will also include the construction of new science parks at Osney Mead and Begbroke; and construction of subsidised rented accommodation for University and College staff at Begbroke.
The first projects are planned to be ready for occupation in 2023.
Legal & General Future Cities Business managing director John Cummins said: “Universities are a key driver for the growth of cities, acting as a magnet for talent and incubator of growth and innovation.
“They have an integral role in shifting the dial for future success. Great universities also need an economic, physical and digital infrastructure to create an ecosystem to attract people and businesses.”