British multinational financial services company Legal & General (L&G) has unveiled plans to fund and deliver a new sciences building with the University of Oxford to the tune of £200 mln (€221 mln).
The new block, dubbed the Life and Mind Building, will serve as home for the university's departments of Zoology, Plant Sciences and Experimental Psychology and will become its largest teaching and research facility, according to L&G.
Nigel Wilson, chief executive at L&G, said: 'The Life and Mind Building will provide students with a modern, state-of-the-art facility that helps continue the University of Oxford’s legacy as one of the world’s most pre-eminent teaching institutions.
'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.'
L&G entered into a £4 bn partnership with the University of Oxford in June 2019, forming Oxford University Development (OUD) in order to provide thousands of new homes for staff and students, as well a number of innovation facilities.
The scheme will be funded by long-term annuity money from L&G’s retirement business, with Legal & General Capital acting as developer and LGIM real assets as development manager.
The Life and Mind Building is due to open in 2024 providing laboratories for students and researchers, as well as lecture theatres, specialised support laboratories and opportunities for public engagement.
According to L&G, the new building will also aim to facilitate the university’s schools and public outreach programmes through opportunities for art, exhibitions, lectures and conferences, offering a ‘window into science’. It replaces the Tinbergen building, which closed in February 2017.
Professor 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.'
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.
