Today we’re delighted to announce half a billion pounds of new investment into Bruntwood SciTech and renew our dedicated support to the growth of science, technology and innovation. And we have more exciting news! Greater Manchester Pension Fund, the largest local authority pension fund in the UK, has become a shareholder in Bruntwood SciTech, investing £150 million in the business. Both existing shareholders, Bruntwood and Legal & General have also doubled down on their commitment to invest for the long term in these sectors and the business, and have done so via additional capital injection and asset transfer. The new investment will enable and accelerate the next phase of our growth and create a £5 billion UK-wide portfolio that can support 2,600 high-growth businesses by 2032.
Bruntwood SciTech becomes the UK’s largest property platform for the innovation economy, with £1.5bn of assets spanning a 4.8M sq ft portfolio of nine campuses and 31 city centre innovation hubs. GMPF’s investment is the first local government pension scheme to make a direct and active investment of its kind and scale into a UK-wide specialist property platform.
Bruntwood SciTech has acquired Bruntwood’s city centre assets in response to the changing needs of innovation-led businesses post-pandemic, enabling specialist workspaces and communities to be created within both city centres and at campuses located next to universities and hospitals. We recognise that businesses are looking to leverage ecosystems on a city-wide basis, not just within defined innovation districts and so, as well as offering an even greater number of places for science, tech and innovation businesses to start, grow, and scale, we will be offering even more flexibility in location for where our world-leading infrastructure and specialist support is offered.
We are committed and determined to do all we can for the UK’s regional cities, and with Bruntwood, connect towns and cities together; whether its helping to create highly-skilled jobs; provide much-needed specialist workspaces or connections for innovation-based businesses to grow; increase productivity; or drive wage growth; supporting the UK’s target to become a global science and technology superpower by 2030.
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About Bruntwood SciTech
Bruntwood SciTech is the UK’s leading developer of city-wide innovation ecosystems and specialist environments, helping companies – particularly those in the science and technology sectors – to form, scale and grow. It is also the largest dedicated property platform serving the growth of the UK’s knowledge economy to become a global science and technology superpower.
A joint venture between Bruntwood, Legal & General and the Greater Manchester Pension Fund (GMPF), Bruntwood SciTech provides high quality office and laboratory space and tailored business support, offering unrivalled access to finance, talent and markets, an extensive clinical, academic and public partner network and a sector-specialist community of more than 1100 companies.
Bruntwood SciTech is experienced in creating and developing strategic partnerships with UK regional cities, universities and NHS Trusts to drive economic growth. Its unique structure and funding vehicle more easily deploys long-term patient capital in innovation infrastructure, ensuring local economic benefit and growth.
Valued at £1.5bn, Bruntwood SciTech has a portfolio of 4.8m sq ft across nine campus locations and 31 city centre innovation hubs in Manchester, Cheshire, Birmingham, Leeds, Liverpool, Cambridge and Glasgow. It has plans to create a £5bn portfolio by 2032 and has a 3.6m sq ft secured development pipeline.