Manchester-headquartered Bruntwood SciTech is announcing a new half a billion of investment.
This is coming from the two existing investors – Bruntwood and L&G Capital – but also from a new investor – Greater Manchester Pension Fund.
This is the first direct and active investment of its kind into a UK-wide specialist property platform by a local government pension fund.
In the North West, Bruntwood SciTech’s assets currently include Circle Square, Manchester Science Park and Alderley Park, and it is a shareholder in Sciontec – the owners of Liverpool Science Park – alongside Liverpool John Moores University, the University of Liverpool and Liverpool City Council.
This increased investment is set to boost the North West’s innovation economy, with the platform supporting high growth innovation sectors and regeneration of towns and cities.
The new capital will be used to accelerate the expansions of its science and technology campuses, and to redevelop some of its city centre innovation hubs, delivering much-needed additional world-leading lab and office space in Manchester, Cheshire, and Liverpool.
Chris Oglesby, Executive Chair of Bruntwood SciTech and CEO of Bruntwood, said: “In GMPF we have found a partner who shares mutual strategic vision, values, cultural alignment and passion for the key sectors of the UK economy which have the biggest potential for growth. Bruntwood, Legal & General and GMPF are each committed to creating thriving cities, are deeply rooted in the places in which we invest, and are focussed on the application of long-term, patient capital to support the UK’s economy, with a particular focus on its regional cities. We have invested significantly in Manchester and Liverpool for many years through both Bruntwood and Bruntwood SciTech, working closely with its universities, hospitals, and civic leadership for the long-term benefit of the region.
“GMPF’s investment, alongside the additional capital from Legal & General and assets from Bruntwood, will elevate the potential of Bruntwood SciTech even further, accelerate the delivery of our expansion pipeline, and maintain our market leading position as the workspace provider of choice for innovation-led businesses. We will also be able to further support the delivery of strategic city visions and innovation strategies in the UK’s fastest growing regional cities.”
Cllr Gerald Cooney, Chair of the Greater Manchester Pension Fund added: “We have long admired Bruntwood SciTech and seen its impact on our doorstep in Manchester, not least in leveraging the strength of its universities to create innovation districts with a genuine global reputation that are capable of attracting companies like Roku and Qiagen to the city.
“We’re investing from society for society by deploying our capital to benefit the UK’s regional economies for the long-term, helping develop the innovation infrastructure they need in order toscale in world-leading workspaces and supporting them to attract the best, and most highly skilled talent, enter new markets, and be supported in accessing new funds.
“We’re excited about how we can now help to bring forward Bruntwood SciTech’s pipeline of transformational, world-class developments and for a future in which we spread its impact even more so in its existing cities, and into new ones.”
