Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General, has announced its expansion into the UK’s ‘Golden Triangle’ through the acquisition of Melbourn Science Park in Cambridge, UK, forming a new strategic partnership with independent technology and product development company TTP.
Bruntwood SciTech, a major UK property provider dedicated to the growth of the science and technology sector, has acquired a long leasehold over Melbourn Science Park from TTP for £46.2 mln (€53 mln) and will work closely with the local planning authority in the coming months to develop a new masterplan for the 16.4 acre site.
The new strategic partnership will see Bruntwood SciTech and TTP combine forces to support the further growth and development of the Park and 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.
Located nine miles south of Cambridge city centre, Melbourn Science Park is currently home to the Park’s freeholder TTP, as well as companies including AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
Kate Lawlor, chief executive, Bruntwood SciTech, 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. 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.’
‘In the wake of Covid-19, the continued expansion of the UK’s life science sector is increasingly important,’ commented Eleanor Jukes, senior investment manager, Legal & General Capital. ‘That’s why we are putting society’s pension money to work to continue to foster and fund innovation.’
JLL advised TTP on the transaction.
