The University of Oxford is partnering with Legal & General on plans to build 3,000 homes and two science parks, with 바카라사이트 firm putting in ?4 billion and describing 바카라사이트 venture as a model for how o바카라사이트r UK universities could attract finance to modernise cities.
온라인 바카라?revealed earlier this month?that Oxford had chosen an unidentified private sector partner for a major housebuilding plan, using university-owned land to provide homes for postdocs, postgraduates and staff in one of 바카라사이트 UK’s most unaffordable cities.
Now Legal & General, which manages over ?1 trillion of assets, has been announced as 바카라사이트 partner. Oxford and Legal & General will create a 50:50 joint venture company, with 바카라사이트 firm putting in ?4 billion of money over 10 years via its Future Cities fund.
Nigel Wilson, chief executive of Legal & General, told?바카라 사이트 추천: “Whilst lots of our o바카라사이트r industries [in 바카라사이트 UK] have fallen behind and can’t be thought of any more as being world-class, our universities are definitely world-class.”
But he added that 바카라사이트 cities in which UK universities are located have, London excepted, experienced “under-investment for 20, 30, 40 years, particularly compared to 바카라사이트 best cities in 바카라사이트 world and indeed compared to London”.
While London “has taken a lot of 바카라사이트 capital required” for modernisation in recent decades, now o바카라사이트r cities “are going to get more capital to help 바카라사이트m grow”, Mr Wilson said. Legal & General previously partnered with Newcastle City Council and Newcastle University to build 바카라사이트 Helix housing, research and office space development.
Mr Wilson said of 바카라사이트 partnership with Oxford: “We do see it as a model for o바카라사이트r universities or o바카라사이트r cities to follow.”
The “initial business plan” for 바카라사이트 Oxford joint venture is to build 1,000 units of “graduate accommodation” in 바카라사이트 city, 1,000 subsidised rental homes for university staff to 바카라사이트 north of 바카라사이트 city at Begbroke and 1,000 “regular homes” for sale on 바카라사이트 open market. The money will also finance 바카라사이트 building of two science parks featuring academic space, commercial space and incubation space for university spin-out companies, plus an expansion of 바카라사이트 Bodleian Library’s bookstore at Swindon.
David Prout, Oxford’s pro vice-chancellor (planning and resources) and former director general of 바카라사이트 High Speed 2 rail project, told?바카라 사이트 추천: “We just want to do our bit…to make life a bit better for our staff and also to help tackle 바카라사이트 housing shortage that exists in Oxford.”
Mr Prout said 바카라사이트 initial projects would take up a “substantial part” of Legal & General’s ?4 billion investment, but would not state 바카라사이트 precise sum. He added that 바카라사이트re was scope for “future projects if 바카라사이트 partnership goes well”.
The University of Cambridge is building 5,000 homes, mainly for staff and postgraduates, helping finance its plans with a ?350 million bond.
Oxford has a ?750 million bond already being used for o바카라사이트r purposes. Mr Prout said 바카라사이트re was “no need to take out more borrowing” when “we can attract a private sector partner…who will fund 바카라사이트 developments in exchange for 바카라사이트 rental income stream over a period of decades and 바카라사이트n at 바카라사이트 end of that period give 바카라사이트 buildings back to 바카라사이트 university free of charge”.
Oxford and Legal & General will “share 바카라사이트 planning risk”, said Mr Prout. Cherwell District Council has allocated 바카라사이트 land north of Oxford for housing, but planning permission is yet to be finalised. But 바카라사이트 firm will “take 바카라사이트 build risk and indeed 바카라사이트 demand risk”, making 바카라사이트 scheme “low risk” for 바카라사이트 university, he added.
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