Magic Circle Duo Leads On £4BN Oxford University Deal
Legal & General is providing £4 billion over ten years to develop accommodation for staff and students.
June 28, 2019 at 04:20 AM
2 minute read
Oxford University, Credit: Tejvan Pettinger/Wikimedia)
Slaughter and May and Freshfields Bruckhaus Deringer are advising on a multibillion-pound partnership between Legal & General and Oxford University.
The 50:50 partnership, agreed by the two parties, will see Legal & General's 'Future Cities' project, part of its Capital arm, stump up £4 billion during the next 10 years.
The funding will, subject to planning, deliver a series of projects for the university, including the development of new homes for university staff and students, and the creation of science and innovation districts, with modern workspace and research facilities.
According to Oxford University, the partnership will provide at least 1,000 subsidised homes for university and college staff, and at least 1,000 units of affordable graduate accommodation.
Slaughters, which advised Legal & General on the establishment of the partnership, was led by partners Guy O'Keefe and Harry Bacon. L&G's in-house team was led Legal & General Capital's general counsel Jasan Fitzpatrick.
Oxford University, meanwhile, was advised by Freshfields, with real estate partner Alex Watt leading the team.
It is not the first capital strategy that Oxford University has embarked on in recent years. In December 2017, the institution, advised by Linklaters, issued a £750 million bond with a maturity of 100 years.
In October last year, Slaughter and May retained its position on Legal & General's legal panel, following a review by the firm that saw the addition of Simmons & Simmons and CMS to its five-firm line-up.
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