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Legal and General partners with Bruntwood in £360m property deal

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  • 08/10/2018
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Legal and General partners with Bruntwood in £360m property deal
A deal targeted to create 20,000 jobs will see property and insurance giant Legal and General and Bruntwood in an alliance to drive property investment for science and technology firms.

Bruntwood is a family-owned property lettings and management company, stating its specialism as workspace, innovation and science facilities.

The 50:50 partnership will see the two firms invest £360m of capital, property and intellectual assets into a new company, Bruntwood SciTech.

Bruntwood SciTech’s assets will grow from 1.3m sq ft on day one to over 6.2m sq ft over the next 10 years, increasing the value of the SciTech portfolio to £1.8bn.

The new company allows Bruntwood to build cities in partnership with public, private and academic institutions, and boosts Legal & General’s ability to drive urban renewal opportunities.

Bruntwood SciTech’s portfolio is already home to more than 500 science and technology businesses ranging from digital start-ups to global life sciences companies.

It is centred around development projects in Manchester, Birmingham and Leeds, and includes the life science campus in Cheshire, Alderley Park. Liverpool also features strongly in its forward plans and Bruntwood SciTech will initially focus on developing out its existing portfolio of assets as well as expanding in the north.

Nigel Wilson, chief executive of Legal & General, said: “Although the UK is a great place to do business, years of chronic under investment 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.”

Bruntwood has a substantial commercial office portfolio which it owns, develops and manages in Manchester, Liverpool, Leeds and Birmingham.

Ciara Keeling, will step up from her role as Bruntwood’s director of asset management to become chief executive officer of Bruntwood Works – Bruntwood’s regional investment business.

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