27th Jun 2019 08:23
(Alliance News) - Insurer Legal & General Group PLC on Thursday said it will contribute GBP4 billion towards a partnership for building homes for Oxford University staff and students.
L&G said its Future Cities business will provide the funding over the next 10 years from L&G shareholder and annuity funds, as well as funds managed by Legal & General Investment Management.
The house building partnership will be equally owned by L&G and Oxford University. The partnership will aim to develop science and innovation districts, with modern workspace and research facilities.
"Our partnership with Oxford University is leading the way in bringing together dynamic cities and patient capital, creating great outcomes for long-term investors and for the cities themselves," said Legal & General Chief Executive Nigel Wilson.
Shares in Legal & General were up 0.6% at 270.00 pence each on Thursday morning.
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