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Tag: Oxford University Development

In June 2019, the University of Oxford announced a major new partnership for the University with Legal & General Group plc, enabling it to move forward with its commitments to address the high cost of accommodation for staff and students and to develop innovation districts.

Through the joint venture, Legal & General (L&G) are providing up to £4 billion of funding to deliver a series of projects to provide approximately 1,000 subsidised homes for rent by University and college staff, around 1,000 additional units of graduate student accommodation and expansion of our existing innovation facilities.

The projects will be developed initially by Oxford University Development, a wholly-owned subsidiary of the joint venture company established by the University and L&G Group. Oxford University Development will design each project in line with the University’s requirements, consult with the local community and statutory authorities, apply for planning permission and manage the construction tender process.

Once planning permission has been granted, the project will be completed by a company wholly-owned by L&G in return for rental income from the site for a defined number of years. It is envisaged that the new housing will relieve pressure on the supply of local housing.

Additionally, the the creation and expansion of existing innovation districts will enable the University to offer enhanced facilities for its spin out companies, support the local economy with high quality jobs, growth and income, and contribute to the national economy.