Legal & General鈥檚 early-stage investment arm, as part of a development partnership with Oxford University, is investing up to 拢4bn (鈧�4.5) over the next ten years.
Legal & General said it has formed a 50:50 partnership with the University to develop homes for University staff and students, together with science and innovation districts in and around Oxford.
The UK insurer said, as funding and development partner for the University, its future cities business will provide the capital from Legal & General鈥檚 shareholder, annuity and LGIM-managed funds.
Professor Louise Richardson, vice-chancellor of the University of Oxford, said the venture will address some of the most pressing challenges facing the University today.
鈥淲e 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.鈥�
Nigel Wilson, CEO of Legal & General Group, said the partnership with Oxford University is leading the way in 鈥渂ringing together dynamic cities and patient capital, creating great outcomes for long-term investors and for the cities themselves.
鈥淟egal & General鈥檚 partnership with the University is a terrific example for cities across the globe to follow.鈥�
John Cummins, managing director of Legal & General鈥檚 future cities business, said: This partnership is a unique opportunity for two large and long-term UK institutions to work together to address Oxford University鈥檚, and indeed the city鈥檚, future needs, enabling it to continue to be a centre of growth.鈥�
