Legal & General will act as the university’s funding and development partner. Its Future Cities business will provide up to £4bn over the next 10 years to build staff and student accommodation and to develop science parks with laboratories and research facilities.
For the initial wave, the partnership is looking to deliver 1,000 subsidised homes for university and college staff, 1,000 graduate bedsits and 1,000 homes for the open market to help fund it all.
Legal & General Group chief executive Nigel Wilson said: “Oxford University is one of the best in the world. It has inspired generations of academics and researchers, and today nurtures outstanding modern businesses with world-leading potential. 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.”