Bruntwood SciTech gets £100m financial top-up

Bruntwood SciTech has secured £100m in loans from Barclays, HSBC, Lloyds, NatWest and Santander, taking its total financial facilities to £580m. This funding will support three projects in Manchester: the completion of development works at No.3 Circle Square; the redevelopment of the Pall Mall building on King Street; and continued investment into Sister, a £1.7bn innovation district. In addition, the capital will go towards refurbishments and improvements of Alderley Park in Cheshire. The wider package, consisting of a £530m investment facility and a £50m development facility, has been extended to three-years. The move will support Bruntwood SciTech’s ambition to create a £5bn UK platform of specialist workspace by 2033. Funding will focus on office and lab space across the six cities Bruntwood SciTech operates in – Manchester, Birmingham, Leeds, Liverpool, London and Cambridge – spanning 11 campuses and 31 city centre innovation hubs. Kevin Crotty, chief financial officer at Bruntwood SciTech, said: “This funding facility will also enable us to continue putting sustainability at the heart of all our new and ongoing developments. As well as working hard to reduce our own carbon footprint, we’re also helping to make it easier for our customers to do the same. “With the new funding, we will be able to move quickly and generate the momentum needed to deliver a more sustainable built environment for businesses to innovate, collaborate and grow within.” Lloyds acted as sustainability coordinator. HSBC acted as the facility agent. Hill Dickinson acted on behalf of the lenders and Addleshaw Goddard for Bruntwood SciTech, with CBRE and JLL providing valuations. No.3 Circle Square image © Bruntwood SciTech