Technology

Posted on October 5, 2018 by staff

Bruntwood and L&G strike £360m Sci-Tech property deal

Technology

Legal & General and property firm Bruntwood have joined forces in ‘landmark’ partnership to invest millions of pounds in science and technology assets.

The deal has been dubbed the UK’s “largest science and technology property partnership” and will see the two companies invest £360 million into a new company, Bruntwood SciTech, with plans to create 20,000 new jobs.

It will see Bruntwood SciTech’s assets grow from 1.3 million sq ft on day one to over 6.2 million sq ft over the next 10 years. It will initially focus on developing out its existing portfolio of assets as well as expanding within the ‘Northern Powerhouse’ and ‘Midlands Engine’ regions.

The business will be led by Bruntwood’s chief commercial officer Phil Kemp as CEO and Bruntwood chief executive Chris Oglesby as chair.

“Our focus is on creating thriving cities – breathing life into places where knowledge-based businesses can start and scale, driving growth for the UK economy,” Oglesby said.

“Bruntwood SciTech is aimed squarely at the many opportunities offered by the science and technology sector and with the backing of Legal & General we can greatly accelerate the scale and pace of what we can achieve.

“We have ambitious growth plans and see this activity as enabling the creation of around 20,000 new jobs over the next 10 years.”

Bruntwood SciTech’s portfolio is already home to more than 500 science and technology businesses ranging from digital start-ups to global life sciences companies. It is centred around flagship assets and development projects in Manchester, Birmingham and Leeds, and includes the life science campus in Cheshire, Alderley Park.

Liverpool also features strongly in its forward plans.

Nigel Wilson, CEO of Legal & General, added: “Science and technology will be key to revitalising the UK economy and driving job creation. We need to keep investing to support the development of our UK regional cities.

“Through our investment in Bruntwood SciTech, we are partnering with a best in class management team at Bruntwood with a track record of delivering and developing major science and technology projects across the UK’s regions.”

The board of Bruntwood SciTech also features L&G’s managing director of urban regeneration and clean energy John Cummins and its director of regeneration Rachel Dickie.

The leadership team includes Thomas Renn, managing director of Manchester Science Partnerships; Dr Chris Doherty, managing director of Alderley Park; and Innovation Birmingham MD Dr David Hardman MBE. Meanwhile, Bruntwood’s Kate Lawlor joins as finance director and Peter Crowther as property director.

Graham Barnes and Colin Thomasson of CBRE advised Bruntwood, alongside a team from Addleshaw Goddard. Savills, EY and CMS represented Legal & General.