L&G’s Future Cities business will provide up to £4bn of funding over the next 10 years from Legal & General’s shareholder, annuity and LGIM-managed funds.
The funding will also allow for the development of education sites, including science and innovation districts, subject to planning.
Professor Louise Richardson, vice-chancellor at the University of Oxford, said: “My colleagues and I are delighted to have formed this partnership with Legal & General.
“We look forward to working together to address some of the most pressing challenges facing the university today.
- DFT roundtable: Aggressive business plans, development delays and managing expectations
- L&G acquires £37m Oxford student accommodation building
- L&G and Bruntwood invest £360m in new property platform
“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.”
Nigel Wilson, CEO at Legal & General Group, added: “Our partnership with Oxford University is leading the way in bringing together dynamic cities and patient capital, creating great outcomes for long-term investors and for the cities themselves.
“Legal & General’s partnership with the university is a terrific example for cities across the globe to follow.”