Legal & General Group PLC is building a $260 million Life and Mind Building at the University of Oxford, England, to house its zoology, plant sciences and experimental psychology departments.
It will be the largest building project ever undertaken on behalf of the university and will also be Oxford's largest teaching and research facility.
The development is part of a $5 billion partnership between the university and L&G to provide innovation facilities and thousands of new homes for staff and students. A partnership was launched in June 2019.
The building is funded by long-term annuity money from L&G's retirement business. Legal & General Investment Management's £35.9 billion ($46.3 billion) real assets unit will act as development manager and Legal & General Capital, the insurer's early stage investment business and alternative assets originator, is the developer.
The Life and Mind Building is set to open in 2024 and will also act as a location for art, exhibitions, lectures and conferences.
"We are extremely proud of our partnership with the University of Oxford, which in the wake of COVID-19 will help retain talent in the city, whilst driving essential inward investment and providing opportunities for world-leading innovation as well as much needed housing for key workers," said Nigel Wilson, CEO of L&G, in a news release.