Anti-capitalist demonstrators made a spectacular rooftop protest to mark the handover of the new Said Business School to Oxford University.

The £36m building in Park End Street was scaled at first light by a lone protester who climbed up a vertical girder to the roof and remained there for three hours.

Another protester attempted to follow him, but was hauled back by police officers.

The first protester, whose supporters named him as 'Robert', later unfurled a 20ft banner with the slogan "Built with Blood Money", in an attack on Wafic Said, the Saudi benefactor after whom the school is named.

The demonstration started at about 6am. Soon afterwards, firefighters arrived and used a hydraulic platform to try to coax 'Robert' down.

Police arrived, and at 7am cordoned off part of Park End Street, causing major traffic delays.

As the protester reached the rooftop and unfurled his banner, demonstrators in the street cheered in support as he perched 50ft above early morning traffic and commuters making their way to work.

Some protesters handed out leaflets to passers-by, criticising Oxford University's decision to accept Mr Said's money because of his business interests.

An Oxford University spokesman said: "A group of demonstrators overcame University staff and entered the site of the business school during the early hours.

"The Said Business School has been built with donations from a number of sources, including £20m from Wafic Said.

"Any benefaction of £100,000 or more was considered by a committee of senior members of the University before it was accepted.

"No evidence was found to raise concerns about the sources of any donations for the business school.

"The University of Oxford respects the right of individuals to protest peacefully but cannot condone any breach of the law."

Police officers from the public order unit, which based in Upper Heyford, got on to the roof, and the protester then used a rope to lower himself half-way to the ground.

At that point, one of the police team abseiled down to the man, roped himself on to him and the pair lowered themselves to the ground.

The demonstrator was immediately arrested and taken to Abingdon police station.

He could be charged with aggravated trespass.

Tours of the business school with lecturers and students from throughout the University were cancelled, but a dinner scheduled to take place this evening could still go ahead.

The school, next to the railway station, was designed by the leading firm of architects, Dixon and Jones, which was responsible for the redesign of the Royal Opera House in London.

A total of 118 students are studying at the school from 32 countries.

The undergraduate course is one of the most popular in the University, with about 14 applicants for every place.

It is not the first time the site has attracted protesters.

In 1998, eco-warriors staged a sit-in during the demolition of the former London, Midland and Scottish railway station.

Protesters occupied the building for five months, before police cleared the site.

The LMS station building was dismantled to make way for the business school, and was rebuilt at the railway heritage centre in Quainton, Buckinghamshire.