Bruntwood and L&G look for new partner for SciTech

Bruntwood SciTech has been a 50:50 joint venture between the two companies since its inception in 2018. That could change going forward.

Bruntwood and Legal & General are exploring adding a third partner to the Bruntwood SciTech mix. Neither Bruntwood nor Legal & General are considering selling their stakes in SciTech.

A spokesperson for Bruntwood SciTech said: “Like any successful joint venture with a significant pipeline, we periodically engage advisors to assess the possible funding options that could be available to us.

“We are always open to exploring new ways in which we can accelerate our goal of becoming the UK’s leading network of innovation districts.”

Bruntwood SciTech owns ten science and tech campuses in the UK, including Alderley Park in Cheshire, and Circle Square in Manchester. SciTech also has a share in Sciontec, which operates Liverpool Science Park.

SciTech has also partnered with The University of Manchester on the £1.5bn ID Manchester innovation district off Oxford Road.

Earlier this month, SciTech unveiled plans to build an additional 200,000 sq ft of labs and offices at Alderley Park.

SciTech reported a £17.1m profit in its annual report for the year ending 30 September. At the time, its assets were valued at £235.3m.

News of the hunt for a third partner for SciTech was first reported by React.