HEMSIPHERE in the Day Sciontec p Jayne Moore Media

Hemisphere is a £56m office development located within Paddington Village. Credit: via Jayne Moore Media

Bruntwood to increase stake in Sciontec 

A share issue could generate £12.5m for future projects in Liverpool’s Knowledge Quarter and could see Bruntwood increase its shareholding from 25% to more than 60%. 

Sciontec Developments is a joint venture between the University of Liverpool, Liverpool John Moores University, Bruntwood Science, and Liverpool City Council and is the delivery vehicle for projects in the city’s Knowledge Quarter including the Spine. 

In order to raise the cash needed to deliver Hemisphere, a 120,000 sq ft office building, and redevelop Sensor City, the JV is proposing to issue new shares in the business that will be acquired by Bruntwood. 

While Bruntwood’s shareholding would increase to 62.8%, the stakes of the other three partners could reduce to 12.4%. 

The city council has confirmed it will not take any new shares. The universities are expected to make the same decision. 

At present, each of the four partners owns a quarter of Sciontec Developments. 

Liverpool City Council will discuss the share issue at its cabinet meeting on Friday. 

A report to the cabinet states that the approach will “ensure projects can progress to promote growth and job creation in the city’s knowledge sector but without the city council needing to raise its own capital funding to help finance them”.  

It adds: “Retaining membership in Sciontec means the Council can help influence the impact of growth in the knowledge economy, a key objective in the City Plan and Council Plan.” 

Bruntwood and Liverpool City Council were contacted for comment.

Your Comments

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Welcome news indeed, looking forward to Burntwood progressing further investment.

By Liverpolitis

It’s Lpool. Let’s talk funding.

By Anon

Maybe the Chancellors recent announcement on “Development Zones” may play a role here?

By Liverpool4Progress

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