Today the UK’s ambition to be a world-leading science and technology innovation hub has taken another step forward as The University of Manchester announced Bruntwood SciTech, the UK’s leading property provider dedicated to the growth of the science
Neil Tague
Bruntwood and Legal & General’s joint venture has secured a three-year, £95m facility to fund its growth and investment strategy, from NatWest, Santander, Lloyds Bank and HSBC.
The new sustainability-linked loan extends Bruntwood SciTech’s existing £185m loan, which it agreed with the club in 2019, to £280m.
Bruntwood SciTech, a 50:50 joint venture between Bruntwood and Legal & General to focus on development in science and technology assets, said it will use the funding to invest in the ongoing development of Alderley Park; Manchester Science Park; Platform in Leeds; and the commercial buildings at Circle Square in central Manchester.
The funding will also be used to support new acquisitions.
Graphene Hackathon 2021: ingenuity and ambition on show in global competition
The second edition of the Graphene Hackathon delivered a wealth of creativity as teams battled it out to win prizes for the best business idea using graphene.
The 2021 event – held from 26-30 April and run by PhD students from The University of Manchester – was hosted virtually due to Covid restrictions but the online platform had the benefit of turning the competition into a truly global affair.
Thirty-five teams from around the world, including participants from Argentina, India and Indonesia, worked throughout the week on their ideas before pitching to a panel of industry experts.
Sarah Townsend
The Manchester-based developer and asset manager posted a pre-tax loss of £18.9m for the year ended 30 September 2020, “against a backdrop of declining commercial property values”.
Bruntwood said the value of its 100%-owned Bruntwood Works portfolio remained consistent year-on-year at £973.1m, but it recorded a £21.2m valuation loss as it invested capital to maintain its portfolio’s value as commercial property values declined during the Covid-19 pandemic.
“This accounting loss, together with similar revaluation movements in joint ventures and a prudent increase in its provisioning to safeguard the business from future economic disruption, led the group to post a pre-tax loss,” the group said in a statement.
by Stephen Chapman
Bruntwood Scitech has seen its turnover rise 34.5% (£40.1m) over the last financial year.
The owner of science and technology developments in Manchester, Liverpool and Alderley Park also saw its portfolio value increase to £526.8m (2019: £438.2m). However, while its gross profit has risen to £9.9m, it reported pre-tax losses of £7.6m (2019: £20.1m profit).
“The UK’s science and technology sectors have been two bright spots amid the economic challenges of the pandemic, as well as remaining central to the country’s long-term growth prospects. And our proposition is perfectly aligned to supporting each sector’s opportunities today and in the future,” stated Chris Oglesby, Bruntwood SciTech’ Executive Chairman.