Legal & General (L&G) is to fund £4bn, 10-year programme with Oxford University to develop a series of construction projects providing student and staff accommodation, science parks and academic facilities.
Although there are no official plans for how the buildings will be constructed, some may involve modular buildings, with L&G considering “all types of construction”.
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In the initial wave of development, the 50:50 partnership will deliver 1,000 subsidised homes for university and college staff in an area that suffers similar affordability challenges to London, as well as 1,000 units of graduate accommodation and 1,000 market homes.
John Cummins, managing director of Legal & General’s Future Cities Business, 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. Any new discovery depends not just on the academics but on the infrastructure supporting them. This partnership is a unique opportunity for two large and long-term UK institutions to work together to address Oxford University’s, and indeed the city’s, future needs, enabling it to continue to be a centre of growth.”
Professor Louise Richardson, vice-chancellor of 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. We will build much-needed graduate accommodation, subsidized 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.”
L&G last year signalled a move further into the realm of housebuilding when it announced that it was launching an affordable housing provider that would build 3,000 homes a year.
The insurer, which already owns Cala Homes and a modular housing factory, is investing heavily in the build to rent sector.
