The UK remains behind some of its global competitors in providing the infrastructure that is needed to grow the science and technology sector, provide highly skilled jobs, and contribute to economic growth. Bruntwood SciTech, the joint venture created by Bruntwood and Legal & General, is working hard to provide the country’s regional cities with the capacity they need.
As the UK's leading developer of city-wide innovation ecosystems and specialist environments, Bruntwood SciTech has already made huge strides in helping companies – particularly those in the science and technology sectors – to form and grow. It has now taken steps to accelerate its ambitious growth plans by securing an additional £500 million of investment and welcoming the UK’s largest local authority pension fund, Greater Manchester Pension Fund (GMPF), to the partnership.
Local government pension funds can play a huge part in supporting high-growth innovation sectors and this is the first time that one has invested in a national property platform of this size and played a key role as a shareholder.
Bruntwood SciTech’s new structure will also allow other pension funds to co-invest efficiently and on an asset-by-asset basis so that long-term, patient capital can play a crucial role in the growth of the innovation sector and generate local and national economic benefits.
The £500 million of new equity will see GMPF inject £150 million, alongside a significant increase in investment from the existing shareholders. This will be used to expand and redevelop existing science and technology campuses and city centre innovation hubs, delivering much-needed additional world-leading lab and office space in Manchester, Birmingham, Leeds, Liverpool, Glasgow and Cambridge.
It will also enable Bruntwood SciTech to invest in additional R&D-intensive regional cities. Discussions are already underway with several major local authority linked funds for additional capital investment.
Bruntwood SciTech is a unique opportunity to invest in, and develop, a significant, patient capital project that is economically viable and socially useful. By bringing Greater Manchester Pension Fund alongside us, we can further scale our impact and deliver on a shared purpose to use society’s capital for society’s benefit. Together with GMPF, we’re bringing a fresh injection of capital which reinforces our commitment to and underlines our belief in the UK’s long-term role as a global tech powerhouse and scientific superpower.
Bruntwood SciTech‘s innovation ecosystems and specialist environments help companies – particularly those in the science and technology sectors – to form, scale and grow. It is also the largest dedicated property platform supporting the UK’s knowledge economy as it seeks to become a global science and technology superpower.
Several developments are currently underway that will support ecosystems for AI, medtech, diagnostics, genomics, fintech, edtech and digital health businesses. These include Citylabs 4.0 in Manchester, a health innovation and precision medicine hub; Birmingham’s first truly SMART building, Enterprise Wharf; and a new dedicated digital and tech hub at Glasgow’s landmark Met Tower.
Bruntwood SciTech is experienced in creating and developing strategic partnerships and provides the connective tissue between world-leading research universities, large hospital NHS Trusts, strong civic regional leadership, and high-growth enterprise. It does this by providing not only high-quality office and laboratory space and tailored business support but also unrivalled access to finance, talent, and markets; an extensive clinical, academic, and public partner network; and a sector-specialist community of more than 1,100 companies.
Valued at £1.5 billion, 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, with a 3.6m sq ft development pipeline.
Its strategic objectives are to create a £5 billion portfolio by 2032 and increase its partner & occupier support to 2,600 occupiers and partners in the next ten years.
Existing campus locations include:
The city centre innovation hubs include Met Tower in Glasgow; Bloc, 111 Piccadilly, Pall Mall and The Alberton in Manchester; Platform and West Village in Leeds; and Cornerblock in Birmingham.
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 to scale 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.
The GMPF investment comes at the perfect time as Bruntwood SciTech seeks to help regions reap the benefits of recent advances in the technology sector.