Bruntwood SciTech, a 50:50 joint venture formed in 2018 by sci-tech property specialists, Bruntwood, and insurance and pension giant, Legal & General, has announced the acquisition of Melbourn Science Park in Cambridge for £46.2m.
Bruntwood SciTech currently provides high spec office and lab space, scientific services and bespoke programmes of business support, across a network of innovation districts in Manchester, Leeds, Liverpool and Birmingham. The latest acquisition expands Bruntwood’s network into the fast growing “Golden Triangle” of R&D innovation hubs centred around the universities of Oxford, Cambridge and London.
Following the acquisition, Bruntwood will partner with TTP plc, the current freeholder of the Melbourn Science Park to establish a new Innovation Services programme which will provide Bruntwood SciTech’s community of over 500 science and technology businesses with additional access to venture capital, new markets, products and prototyping opportunities.
Bruntwood SciTech also plans to work closely with the local planning authority to develop a new masterplan for the 16.4 acre site, with the long term ambition of growing the park into one of Cambridge’s leading science and technology clusters.
Located nine miles south of Cambridge city centre, Melbourn Science Park is currently home to TTP, as well as companies including AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
The UK Government recently released plans for the development and expansion of the “OxCam Arc” which will see the region between Oxford and Cambridge transformed into one of the world’s premier growth corridors, leading in innovation and sustainability, with the goal of creating thousands of new jobs and attracting investment into the post-Brexit UK economy.
Kate Lawlor, Chief Executive of Bruntwood SciTech commented on the acquisition saying, “Establishing a presence in Cambridge creates a vital new connection between the Golden Triangle and some of the UK’s other leading innovation districts in Manchester, Leeds, Liverpool and Birmingham. It further enables us to support the levelling up the UK economy, building our network to increase the flow of investment, talent and capital into the UK science and tech sector.
“We’re excited to be partnering with TTP, which is one of the UK’s longest running and most successful innovators and the opportunities this will unlock not only for Melbourn Science Park but for the whole UK science and tech sector.”
Eleanor Jukes, Senior Investment Manager, Legal & General Capital added, “In the wake of Covid-19, the continued expansion of the UK’s life science sector is increasingly important. That’s why we are putting society’s pension money to work to continue to foster and fund innovation.
“Through its VC arm, Legal & General also continues to fund the University’s spin-out businesses through its investment in Cambridge Innovation Capital. This ecosystem of investment will continue to help the UK lead the way in this sector.”