Bruntwood and Legal & General Capital have established a 50-50 partnership to create the United Kingdom’s largest property platform dedicated to driving science and technology growth in regional cities.
The two partners invest £360 million ($471 million) 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.
“Our focus is on creating thriving cities — breathing life into places where knowledge-based businesses can start and scale, driving growth for the U.K. economy,” said Oglesby. “Bruntwood SciTech is aimed squarely at the many opportunities offered by the science and technology sector and with the backing of Legal & General we can greatly accelerate the scale and pace of what we can achieve. We have ambitious growth plans and see this activity as enabling the creation of around 20,000 new jobs over the next 10 years.”
The deal represents
