The joint venture between developer Bruntwood and fund manager Legal & General has completed its acquisition of a 25% stake in the company that operates Liverpool Science Park.
Sciontec Liverpool, established last February, is a spin-out development company of Knowledge Quarter Liverpool, the entity set up to oversee the £2bn Knowledge Quarter regeneration programme.
Bruntwood SciTech has become the fourth investor in Sciontec alongside Liverpool John Moores University, Liverpool City Council, and the University of Liverpool.
Under the latest deal, Colin Sinclair remains chief executive of KQ Liverpool and Sciontec, after being appointed last July when the parties first agreed the £12m investment deal. He previously spent seven years as a director at Bruntwood.
Speaking about the deal, Sinclair said: “The completion of the Sciontec deal is evidence that big businesses and funds have faith in Liverpool and, even during this health crisis, are prepared to invest their millions. This is a massive vote of conference in Liverpool by Bruntwood and Legal & General.
“This deal will boost development across Liverpool but it is also about more than just property, it’s about people and place, it’s about Liverpool and the city’s strenuous efforts to help businesses, of all kinds, during the pandemic.”
Liverpool Science Park is located at the heart of the Knowledge Quarter district. BruntwoodSciTech’s investment is intended to help progress the delivery of a pipeline of Sciontec projects including plans for a new entrance and reception at the park and a 160,000 sq ft office for the creative and scientific sectors, at No5 Paddington Village.
AHR Architects is designing No5 Paddington Village.
Liverpool Science Park also oversees facilities management for Sensor City Liverpool, a hub for the development of sensor and Internet of Things technologies. The FM appointment was the one of the first steps by Sciontec to create a shared service platform across all of Liverpool’s science and technology assets.
Professor Dame Janet Beer, vice-chancellor of the University of Liverpool and chair of Sciontec Liverpool, said: “Sciontec Liverpool, now with Bruntwood SciTech as an investor, demonstrates that private and public partnership works.
“Our strengths in fighting infection and disease will be even more relevant as we move to the recovery phase [of the Covid-19 pandemic].”
Phil Kemp, chief executive of Bruntwood SciTech, added: “Now, more than ever, the importance of the UK’s science and tech sector is firmly in the public’s consciousness.
“But what the current crisis has also shown is the importance of individual cities with the infrastructure, facilities and talent necessary to deal with short-term issues head-on and provide a base for long-term innovation and success.”
Legal advisors for the deal were DLA Piper and Addleshaw Goddard.