OXFORD University’s fundraising campaign, Oxford Thinking, has passed its initial target of £1.25bn.

The university has defied the economic downturn to reach the milestone in less than eight years. It is the fastest time such a sum has ever been raised in European university history.

The university launched its campaign in May 2008, hitting £1bn in 2010.

The money is helping change the face of Oxford’s landscape, with new buildings and college facilities, and the funding of academic posts and scholarships.