Legal & General and Bruntwood’s UK science and technology property partnership has acquired Melbourn Science Park site in Cambridge from TTP for £46.2m (€53.1m).
The 50:50 partnership, known as Bruntwood SciTech said it has bought the 16.4-acre site currently home to the Park’s freeholder TTP, as well as companies including AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
In October 2018, property firm Bruntwood and Legal & General Capital created the Bruntwood SciTech partnership to invest capital, property and intellectual assets. The plan is to grow Bruntwood SciTech’s assets to over 6.2m sqft over the next ten years, increasing the value of the portfolio to £1.8bn.
Commenting on the latest deal, Kate Lawlor, Bruntwood SciTech’s CEO, said: “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.”
Eleanor Jukes, senior investment manager, Legal & General Capital said: ”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.”
Bruntwood SciTech said it has also formed a new strategic partnership with technology and product development company TTP to support the further growth and development of the park.
Sam Hyde, CEO of TTP said: “Melbourn Science Park has been central to TTP’s success over the past 30 years. We are retaining our presence at the Park and are committed to - and excited by - its future. We’re delighted to be entering into this new partnership with Bruntwood SciTech.”
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