5 Oct 2018
Legal & General form UK’s largest science and technology property partnership
With Legal & General’s long-term financial support, Bruntwood SciTech will initially focus on expanding within the Northern Powerhouse and Midlands Engine regions, seeking to make the most of untapped potential in the UK’s science and technology sector.
Bruntwood and Legal & General Capital (Legal & General) 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 £360m of capital, property and intellectual assets into a new company, Bruntwood SciTech, with a business plan supporting the creation of 20,000 high value jobs.
The deal represents the largest investment made in science and technology property assets in Europe this year. It ignites a business plan that 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 ten years, increasing the value of the portfolio to £1.8bn.
Visit the link below for the full press release