Legal & General and Oxford University are pleased to announce that they have agreed the development of Court Place Gardens, an estate containing new postgraduate homes specifically designed for families, as part of Legal & General and Oxford University’s £4bn partnership.
7 Apr 2022
The development of Court Place Gardens, in Iffley, Oxfordshire, is the first residential site to be delivered through the Partnership and, once completed, will deliver 84 much needed postgraduate homes, many of them designed for families.
With its world-class university, Oxford is one of the UK’s fastest growing cities and competes among the top technology clusters in the world. The city lacks affordable residential accommodation, which is essential for the University to continue to attract graduate students. Court Place Gardens will help accelerate Oxford’s potential by creating more affordable and high quality accommodation, enabling the University to retain and attract more talent to the city, which is a fundamental ambition of the Partnership.
Legal & General entered into a £4bn partnership with Oxford University in June 2019, creating Oxford University Development (OUD) in order to provide thousands of new homes for staff and students, incubator space and academic facilities.
Court Place Gardens is located next to the Norman church at Iffley, where there is currently a small number of graduate houses that were built in the 1970s. These will be replaced by 71 new houses arranged in three court yards and specifically designed for graduates with families. They will be very energy efficient, with air source heat pumps and play areas for children. The Grade II listed Mansion House will also be fully restored, with 13 study bedrooms and communal space, while the Gate Lodge will be renovated to offer three privately let bedrooms. The scheme is due to complete and be ready for occupation for the 2024/5 academic year.
Anna Strongman, CEO of Oxford University Developments: "This is a fantastic milestone for the Partnership and OUD as we see the first of our residential schemes be developed. We are proud of the high quality design that responds to the beautiful landscape of the site and the sustainable merits of the scheme, such as its fossil fuel free nature. The development of Court Place Gardens will play a key role in the city’s evolution, creating much-needed housing to allow the City to attain and retain talent and allowing Oxford University to retain its world-class status."
Mike Coplowe, Senior Development Manager at Legal & General: "The development of Court Place Gardens marks the start of our residential ambitions with Oxford University, which is an essential first step towards creating more modern, affordable and sustainable accommodation for the University.
We are extremely proud of our partnership with the University, which will help retain talent in the city whilst providing the facilities for world-leading research and innovation, as well as much needed housing for key workers. By facilitating investment into 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."
Dr David Prout, Pro-Vice-Chancellor (Planning & Resources) of Oxford University: "We are delighted that work at Court Place Gardens can now begin, replacing the site’s run-down 1970s housing with a superb new graduate community, built to the highest standards with exceptional environmental performance in keeping with the University’s ambitious sustainability targets. We look forward to working closely with L&G and OUD on this vital first step towards achieving our strategic goal of building at least 1,000 new units of graduate accommodation and 1,000 staff homes – something that will benefit the whole community by helping ease the pressure on Oxford’s housing market."
Notes to editors
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.
Its purpose is to invest society’s capital for society’s benefit. Investing in the real economy and supporting the Group’s focus on climate and inclusive capitalism, LGC’s investments create jobs, change lives and contribute towards a net zero carbon future.
Legal & General has invested over £29bn in levelling-up regional economies, including through major UK-wide regeneration schemes and has recently made a commitment to enable all its new homes to operate at net zero carbon emissions from 2030.
(As of June 2021)
Legal & General Investment Management Real Assets (LGIMRA) is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £1.28tn in assets (as at 31 December 2020), working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36.3bn (as at 31 December 2020) and is one of the largest private markets investment managers in the UK. Investing in both debt and equity and across the risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial, operational and residential property sectors, as well as infrastructure, real estate, corporate and alternative debt.
Taking a long term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level. In 2021, we are implementing a strategy as part of our commitment to net zero carbon emissions across the real estate equity business by 2050, and have also committed to measuring social value across 20% of our platform by the end of the year.
(As of June 2021)
The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Past performance is no guarantee of future results. You should consult an independent investment adviser prior to making any investment in order to determine its suitability to your circumstances.
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.4 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2021