Legal & General announces that it will fund and deliver a new sciences building with the University of Oxford to serve as a world-class home for their departments of Zoology, Plant Sciences and Experimental Psychology.
19 Oct 2020
The new £200m ‘Life and Mind Building’ will be the largest building project ever undertaken on behalf of the University, and its largest teaching and research facility, significantly improving the way that psychological and biological tuition is undertaken in Oxford and helping scientists to solve some of our major global challenges.
Legal & General entered into a £4bn 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. Demonstrating how Legal & General’s diverse skillsets and capital streams can be put to work, the scheme will be funded by long-term annuity money from Legal & General’s retirement business, with Legal & General Capital acting as Developer and LGIM Real Assets as Development Manager.
By building out a network of high-quality research and innovation facilities, the partnership will seek to retain talent in the city, boost the economy and support spin-out and scale-up businesses. Bolstering its long-term pension commitments by creating real assets which provide new jobs, housing, productivity and wage growth, Legal & General is able to invest society’s capital for society’s benefit.
The Life and Mind Building is due to open in 2024 and will transform the education experience for students, providing laboratories for students and researchers, as well as lecture theatres, specialised support laboratories and opportunities for public engagement. 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, and will enhance this gateway to Oxford’s Science Area.
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, Chief Executive at Legal & General: "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.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."
Professor Louise Richardson, The Vice-Chancellor of the University of Oxford: "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."
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
1Data as at 31 December 2023.
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creating assets for Legal & General Retirement and third-party clients in order to achieve improved risk-adjusted returns for our shareholders. LGC has built its capabilities in a range of alternative sectors, including in residential property; specialist commercial real estate; clean energy; alternative credit; and venture capital, which are all supported by long-term structural growth drivers, meet a financing gap, and respond to a scarcity of supply that is underpinned by enduring societal needs.