Legal & General will invest £4bn to develop student accommodation, staff housing and academic facilities for Oxford University.
L&G will provide the funding for development from its shareholder, annuity and LGIM-managed funds over a 10-year partnership.
It will then hold the assets and transfer them to de-risked pensions and LGIM funds.
The first wave of development will comprise 1,000 homes for staff, 1,000 student bedrooms and 1,000 market rental homes.
L&G said the deal was a game-changer for cities and could be replicated to other universities across the UK.
Louise Richardson, vice-chancellor of the