L&G’s Future Cities business will provide up to £4bn of funding over the next 10 years from Legal & General’s shareholder, annuity and LGIM-managed funds.

The funding will also allow for the development of education sites, including science and innovation districts, subject to planning.

Professor Louise Richardson, vice-chancellor at the University of Oxford, said: “My colleagues and I are delighted to have formed this partnership with Legal & General.

“We look forward to working together to address some of the most pressing challenges facing the university today.

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“We will build much-needed graduate accommodation, subsidised housing for university staff and new science parks, where academic departments, university spin-outs and commercial partners can work together to create new companies as well as high-quality jobs.”

Nigel Wilson, CEO at Legal & General Group, added: “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.

“Legal & General’s partnership with the university is a terrific example for cities across the globe to follow.”