CITING A DESIRE to create a blueprint for future cities, financial services firm Legal & General has formed a partnership with Oxford University in the U.K. in which the firm will supply up to £4 billion (approximately US$5 billion) to the university over the next ten years. The money will go toward constructing new homes for university staff and students, as well as creating science and innovation districts with modern workplace and research facilities. The company has previously invested in Oxford-based spinout companies specializing in clean energy solutions.
“Universities are a key driver for the growth of cities, acting as a magnet for talent and an incubator of growth and innovation,” explains John Cummins, managing director of Legal & General’s Future Cities Business. “Great universities also need an economic, physical, and digital infrastructure to create an ecosystem to attract people and businesses. This partnership is a unique opportunity for two U.K. institutions to work together to address Oxford University’s, and indeed the city’s, future needs, enabling it to continue to be a center of growth.”