In Oxford, there are more jobs than people, with some 46,000 workers commuting into the city every day.1
Universities are a key driver for the growth of cities, and Oxford is already one of the UK’s fastest growing cities. But its lack of affordable residential and commercial space makes it hard to attract the research graduates and scale-up businesses that will really make this city and its economy thrive.
So we’ve partnered with the University of Oxford to support the most significant development in its history. Through Oxford University Development, our 50:50 partnership, we’re providing up to £4 billion of funding and development expertise between 2021 and 2031. For us it’s a cross-group effort, drawing on several of our business areas.
“This is a really crucial project,
says Anna Strongman, who is leading the partnership on behalf of Legal & General and Oxford University.
Oxford is an internationally renowned centre for innovation, but to continue to attract the best talent the city needs renewed infrastructure. One of the key components of our master plan is to not only build out space for researchers, scientists and educators, but to create affordable, high-quality homes for a range of people to live in.”
Investing in life sciences
The first stage of the investment is a £200 million Life and Mind Building, a world-class home for the university’s departments of Zoology, Plant Sciences and Experimental Psychology. Construction began in November 2021, with the building opening for the new academic year in 2025.
Strongman said,
“The Life and Mind Building is a fantastic achievement for all involved and will be a great addition to the university’s teaching and research facilities as well as the wider Oxford ecosystem. The Life and Mind Building is one of the first projects to be completed as part of the OUD portfolio, demonstrating the power of our innovative partnership to support the future of the University and the City.
“And it’s not just for Oxford University use. It’s outward facing, with conference areas and lecture theatres, so people all over the world can see the work the university is doing and the fruits of this investment.”
Professor Irene Tracey, Oxford University’s Vice-Chancellor, said,
“The opening of this inspiring building is a proud moment in our partnership with L&G and a wonderful milestone for Oxford. As we welcome a new academic year, I’m delighted to see its doors open to our students, researchers, and academics. The Life and Mind building isn’t just a world-class facility – it’s a place designed to bring people together.
“By uniting biologists and experimental psychologists under one roof, it will spark fresh ideas, foster collaboration, and help us tackle some of the biggest challenges facing our world.”
Tackling the housing problem
The partnership will also heavily support the wider city by providing commercial space for university spin-out and scale-up businesses and two million square feet of space for science and innovation, as well as 1,000 student housing units and another 1,000 subsidised rental units.
“L&G is committed to putting annuity-backed capital behind some of the UK’s most ambitious and impactful projects. This is capital with a purpose - driving economic growth, creating jobs and improving local communities, while generating sustainable returns that meet our pension commitments.”
Chief Investment Officer, Institutional Retirement, L&G
So the Oxford University Development will see new homes built for university staff and postgraduates at two sites – Court Place Gardens and Wellington Square – ensuring the city is an affordable and appealing place to live. That will help Oxford match the higher graduate retention scores of cities like Manchester. With more affordable residential housing available, graduates are more likely to stay and keep contributing to the city that’s taught them so much.
New steps
The Life and Mind Building is just the first part of the partnership’s seven-point development plan. Next steps include several housing sites and developments, and a life sciences park.
We’re proud to be helping Oxford University make all that and more work. It’s an excellent example of how we’re bringing our vision – “Investing for the long term. Our futures depend on it.” – to life in very practical ways that create deep, wide benefits for all involved.
