£4bn committed to University of Oxford in new partnership
A partnership and investment programme between the University of Oxford and Legal & General has recently been announced. Over a 10-year period, £4bn will see the master-planning and development of new homes at the number one university in the world, alongside the creation of science and innovation districts with modern work spaces and new research facilities.
Approximately 1,000 subsidised homes for current staff and students and a further 1,000 units of graduate accommodation have been agreed, helping to future-proof local economies. The development of these affordable residential and commercial spaces will ensure that the University continues to bring in research graduates and support spin-out and scale-up businesses for the future. In turn, positive spill over effects will be felt in the surrounding areas.
“Brilliant to see that Legal & General are investing into the vital development of affordable homes for the University of Oxford, in addition to new science and innovation districts. Given the strategic importance of the University to the county and wider Thames Valley, we welcome this partnership, which will ensure that Oxford continues to compete as one of the top universities in the world.”
Phil Southall, Oxfordshire Chamber President – Thames Valley Chamber of Commerce
News of the partnership comes off the back of previous programmes by Legal & General in Oxfordshire, including investment into the spinout company, Oxford Sciences Innovation, and other companies in the county dedicated to clean energy solutions. The company has already had an extremely constructive impact in cities across the country, such as Cardiff, Leeds, Manchester and Newcastle.
“My colleagues and I are delighted that we 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.”
Professor Louise Richardson, Vice-Chancellor – University of Oxford