Legal & General is funding the development of a £200m (€217.2m) research facility as part of a development partnership with Oxford University.
The Life and Mind Building will be funded by long-term annuity money from the UK insurer’s retirement business, with Legal & General Capital acting as developer and LGIM Real Assets as development manager.
In June last year, Legal & General announced a £4bn partnership with Oxford University. The pair formed the Oxford University Development to provide thousands of new homes for staff and students, as well a number of innovation facilities.
Legal & General said the Life and Mind Building is due to open in 2024 and will provide laboratories for students and researchers, as well as lecture theatres, specialised support laboratories and opportunities for public engagement.
The demolition of the existing Tinbergen building is due to be complete by October 2020, with Legal & General to begin construction on the site in July 2021.
Nigel Wilson, CEO at Legal & General, said: “We are extremely proud of our partnership with the University of Oxford, which in the wake of COVID-19 will help retain talent in the city, whilst driving essential inward investment and providing opportunities for world-leading innovation as well as much needed housing for key workers.”
Wilson said Legal & General has invested over £25bn in levelling-up regional economies throughout the UK, including by forming major partnerships with local and central governments, universities and local businesses in Cardiff, Greater Manchester and Newcastle.
“By facilitating investment the UK’s regional cities, we are creating a virtuous cycle whereby pensions and savings are used to create positive social, environmental and economic outcomes which are in line with our commitment to Inclusive Capitalism.”
Louise Richardson, the vice-chancellor of the University of Oxford, said: “The University of Oxford is delighted to be working in partnership with Legal & General to deliver a landmark Life and Mind building that will transform the relationship between the biological and psychological sciences.”
“This fabulous building will provide innovative facilities for teaching and research, which will enable Oxford to train a new generation of scientists who in turn will help us to address critical global challenges.”
To read the digital edition of the latest IPE Real Assets magazine click here.
