Legal & General has signed a £4bn partnership deal with Oxford University in its latest bid to tap into the growing market of student accommodation.
The property giant has struck a 10-year partnership with the country’s oldest university as part of a plan to deliver 1000 subsidised home for university and college staff, 1000 units of graduate accommodation and 1000 market homes.
It is the latest in a string of joint ventures between developers and universities which are aiming to build more residential and commercial space in growing tech clusters such as Oxford and Cambridge.
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.”
He added: “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: “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.”