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Partnership is driving innovation in science and technology

Bruntwood and Legal & General Capital have established a landmark 50:50 partnership to create the UK’s largest property platform dedicated to driving science and technology growth in regional cities.

The deal will see the two partners invest £360 million of capital, property and intellectual assets into a new company, Bruntwood SciTech, with a business plan supporting the creation of over 20,000 high value jobs.  The business will be focused on helping companies in the UK regions start up and scale in high growth areas such as the Internet of Things, Artificial Intelligence and Blockchain.

Bruntwood SciTech’s portfolio is already home to more than 500 science and technology businesses and has established collaborations with global players such as Cisco and Tesla. It has a base at Alderley Park in Cheshire (pictured above) - a specialist life sciences accelerator.

Customers include high-growth innovative tech and digital start-ups to major national IT and cloud computing infrastructure companies such as ANS Group and M24/7.

The portfolio also features three tech incubators, where some of the UK’s most exciting start-ups are already benefiting from bespoke business support programmes, including access to mentoring, finance and talent provided by a wide network of selected partners.

The new venture will be chaired by Bruntwood Chief Executive Chris Oglesby. He  commented: “Our vision is to help companies in Northern cities and the Midlands produce  businesses that can start and scale. The tech giants - Facebook, Google, Amazon and others like them - all had to start somewhere and we see ourselves as part of the support system that will enable tech entrepreneurs and people with disruptive technologies to succeed.

“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.”

Nigel Wilson, Chief Executive of Legal & General (pictured below with Chris Oglesby) said: “Although the UK is a great place to do business, years of chronic underinvestment have led to poor productivity, inadequate real wage growth and muted economic growth. 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.”

Bruntwood SciTech has a business plan that will see its assets grow from 1.3 million  sq ft on day one to over 6.2 million sq ft over the next 10 years, increasing the value of the portfolio to £1.8bn. Delivery of this growth will be achieved through an investment strategy that begins with cities where it already has strong relationships.

Bruntwood SciTech will be led by current Bruntwood Chief Commercial Officer Phil Kemp as CEO. Phil has over 25 years’ experience in the IT and telco industry with IBM and Nokia.  The board also features L&G Capital’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 and Dr Chris Doherty, Managing Director of Alderley Park, along with Dr David Hardman MBE, Managing Director of Innovation Birmingham whilst Bruntwood’s Kate Lawlor joins as Finance Director and Peter Crowther as Property Director.

The physical assets in the Bruntwood SciTech include: Manchester Science Park, Citylabs 1.0, Manchester Technology Centre, Circle Square, Alderley Park,  Platform (Leeds), Innovation Birmingham.

Two specialist incubators focussed on digital technology and innovation (one based at the Manchester Technology Centre and one based in Platform in Leeds). Mi-IDEA a post-accelerator developed in partnership with Cisco based in the Bright Building at Manchester Science Park and a bioscience accelerator at Alderley Park.

Manchester Science Park, Alderley Park and Citylabs 1.0 all have Enterprise Zone status. There is over 2m sq ft in the pipeline of developments including Citylabs 2.0 and 3.0, Alderley Park, Circle Square and Innovation Birmingham.

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