Bruntwood SciTech has secured an additional £100m financing facility, half of which will be used to further develop the Circle Square neighbourhood in Manchester.
The area is home to major tech firms including Roku, Hewlett Packard Enterprise and Uber-backed Autocab
The new financing comes from HSBC UK, Lloyds Bank, NatWest, and Santander UK.
It will be used by the joint venture between Bruntwood and Legal & General to continue expansion and accelerate its decarbonisation as part of its net zero goals for new buildings by 2030 and its entire portfolio by 2050.
The terms of the loan are “intrinsically linked with these committed sustainability targets.”
The £50m earmarked for Circle Square will mean the development of a new 15-storey, 267,000 sq ft of “cutting edge workspace designed to facilitate collaboration and creative innovation.”
“We are committed to a net zero future within the world-class infrastructure we build and provide for science and technology businesses and we continue to set ourselves ambitious targets to meet this goal,” said Kate Lawlor, Chief Executive Officer at Bruntwood SciTech.
“This new funding agreement enables us to accelerate our growth both sustainably and at pace, so that we can provide the specialist facilities businesses in the innovation sector need in line with demand and with minimal environmental impact. We look forward to commencing construction on No.3 Circle Square soon as well as our future development pipeline across the UK.”
Richard Butterfield, Relationship Director, Real Estate and Housing at Lloyds Bank added:
“Bruntwood SciTech remains one of the UK’s true success stories – a business with sustainability and the industries of tomorrow running through its core.
“This financial package will enable it to take the next step on its journey, by building No.3 Circle Square – which will house some of the most exciting tech businesses in the North West – and continuing to improve the green credentials of the rest of its portfolio. We are looking forward to continuing to support businesses like Bruntwood SciTech that are focused on greening the built environment.”
