March 7, 2022
Legal & General and Oxford University set to provide new postgraduate accommodation in £4bn partnership
Legal & General and the University of Oxford are pleased to announce that they have agreed the development of Court Place Gardens, an estate containing new postgraduate homes specially designed for families, as part of Legal & General and Oxford University £4 billion partnership. The Court Place Gardens development, in Iffley, Oxfordshire, is the first residential site to be delivered under the partnership and when completed will provide 84 much-needed postgraduate residences, many of which are designed for families .
With his world-class university, Oxford is one of the UK’s fastest growingwing cities and compete among the best technology clusters in the world. The city lacks affordable residential housing, which is essential for the University to continue to attract graduate students. Court Place Gardens will help accelerate from Oxford potential by creating more affordable and high quality housing, allowing the University to retain and attract more talent to the city, which is a fundamental ambition of the Partnership.
Legal & General entered into a £4 billion partnership with the University of Oxford in June 2019, creating Oxford University Development (OUD) to provide thousands of new staff and student accommodation, incubators and university facilities.
Court Place Gardens is located next to the Norman Church in Iffley, where there are currently a small number of graduate houses built in the 1970s. These will be replaced by 71 new houses arranged in three courtyards and specially designed to family graduates. They will be very energy efficient, with aerothermal heat pumps and play areas for children. The Grade II listed mansion will also be fully restored, with 13 study rooms and a common area, while the Gate Lodge will be refurbished to provide three private rooms for rent. The program is expected to be completed and ready for occupancy for the 2024/5 academic year.
Anna Strongman, CEO of Oxford University Developments, said:
“It’s a fantasymilestone for the Partnership and OUD as we see the first of our residential programs being developed. We pride ourselves on high-quality design that responds to the site’s beautiful landscape and the project’s enduring merits, such as its fossil fuel-free nature. The development of the Court Place gardens will play a key role in the development of the city evolution, creating much-needed accommodation to enable the city to reach and retain talent and enabling the University of Oxford to retain its world-class status.
Mike Coplowe, Senior Development Manager at Legal & General, commented:
“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 housing for the University.
“We are extremely proud of our partnership with the University, which will help retain talent in the city while providing facilities for cutting-edge research and innovation, as well as much-needed accommodation for key workers. By facilitating investment in regional towns across the UK, we are creating a virtuous circle in which pensions and savings are used to create positive social, environmental and economic outcomes that are consistent with our commitment to inclusive capitalism.”
Dr David Prout, Pro-Vice-Chancellor (Planning and Resources) of the University of Oxford, said:
“We are delighted that work at Court Place Gardens can now begininstead of running the site-1970s housing with a stunning new grad community, built to the highest standards with exceptional environmental performance in agreement with the University ambitious sustainability goals. We look forward to working closely with L&G and OUD on this critical first step towards achieving our strategic goal of building at least 1,000 new graduate housing units and 1,000 staff housing. – something goes benefiting the whole community by helping to ease the pressure on Oxford’s housing market.
Notes to Editors
About legal and general capital
Legal & General Capital (LGC) is Legal & General Group’s alternative asset platform, creatingfor Legal & General Retirement and third-party clients to achieve better risk-adjusted returns for our shareholders.
LGC has developed its market-leading capabilities in a range of alternative assets, offering depth of resources, track record and intellectual property. Invest in the real economy and create alternative assets offering a tangible societal impact, its purpose is to invest the company’s capital for the benefit of society. LGC’s investments have have been vertically integrated and include: residential property; specialized commercial real estate; clean energy; alternative credit; and venture capital.
As LGC’s ability to create alternative assets continues to grow, it will not only continue to increase its balance browse alternative assets but also create alternative assets for third-party investors. Many of these investors have the same objectives, namely to create assets to guarantee retirements with a better return or to create assets with strong growth prospects but with a low correlation to equities.
L&G has invested around £30bn in leveling out regional economies, including through major regeneration programs in Cardiff, Newcastle and Salford. Legal & General recently committed to enabling all new homes in its portfolio to operate at net zero carbon emissions by 2030, including Legal & General Modular Homes, CALA Group, Legal & General Affordable Homes, Build to Rent and Later Living.
About LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of the largest institutional asset managers and a major global investor. LGIM manages £1.4 billion in assets (as of 31 December 2021), 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 £39 billion (as of December 31, 2021) 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 and manages assets in commercial, operational and residential real estate, as well as infrastructure, real estate, corporate and alternative debt. Taking a long-term view to ensure the sustainability of its investments, the company continues to lead the industry in ESG performance, taking into account all environmental, social and governance issues at the asset level as well as at the portfolio level.
About the Legal and General Group
Founded in 1836, Legal & General is one of the UK’s leading financial services groups and a global leader investor, with international companies in the United States, Europe, the Middle East and Asia. With over £1.24 trillion in totalassets under management, we are the UK’s largest investment manager for company pensions and a UK market leader in pension risk transfer, life assurance, occupational pensions and retirement income.
The University of Oxford has been ranked number one in the Times Higher Education World University Rankings for the sixth consecutive year and number two in the QS World Rankings 2022. At the heart of this success are the twin pillars of our research and groundbreaking innovation and our distinctive educational offering.
Oxford is world renowned for its excellence in research and teaching and is home to some of the most talented people in the world. Our work helps the lives of millions of people by solving real-world problems through an extensive network of partnerships and collaborations. The breadth and interdisciplinary nature of our research and our personalized approach to teaching spark imaginative and inventive ideas and solutions.
Through its research commercialization arm, Oxford University Innovation, Oxford is the largest applicant for university patents in the UK and ranks first in the UK for university spin-off companies, having created more than 200 new companies since 1988. More than a third of these companies have been created. over the past three years. The University is a catalyst for prosperity in Oxfordshire and the UK, contributing £15.7 billion for the UK economy in 2018/19 and supports over 28,000 full-time jobs.
Name: Faye Bennett
Role: Senior PR Manager Division: Legal & General Capital Tel: 07742041447