L&G Funds $5.1 Billion Oxford University Property Development
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Legal & General Group Plc will invest 4 billion pounds ($5.1 billion) into a housing and office developments planned by the University of Oxford.
The U.K. asset manager’s Future Cities business formed a joint venture with the university to develop thousands of homes for students and staff in the city, according to a company statement. The average home price in Oxford is 407,300 pounds, according to the Zoopla U.K. Cities Index. That’s the third-highest level in the country behind London and Cambridge.