Bruntwood SciTech has secured £100m in green funding as part of its financing facilities from HSBC UK, Lloyds Bank, NatWest and Santander UK.
Some £50m of the funding will be used for the next phase of development at the Circle Square neighbourhood in the Manchester Oxford Road Corridor innovation district. No.3 Circle Square will be a 15-storey, 267,000 sq ft office. Plans for the project follow the completion and full-occupation of No.1 and No.2 Circle Square.
Tenants already in occupation at Circle Square include Hewlett Packard Enterprise, Roku, Autocab – recently acquired by Uber, Octopus Energy, and NFT marketplace expert Known Origin – recently acquired by eBay.
The green funding aligns with the company’s plans for No.3 Circle Square to achieve net zero embodied carbon during construction and operation for its shared spaces, BREEAM Excellent status, a NABERS 5-Star rating and an EPC A rating.
The building will have an all-electric heating and cooling system with air source heat pumps, as well as smart metering, roof-mounted solar panels, a smart BMS, and local MVHR units to maximise efficiency and fresh air control for occupants.
Bruntwood SciTech said it now had a £380m financial package to support its growth and sustainability ambitions; a £250m term loan and £80m revolving credit facility, both of which are sustainability linked, as well as a £50m green loan for No.3 Circle Square. Lloyds Bank acted as sustainability co-ordinator on the financing arrangements.
Kate Lawlor, chief executive at Bruntwood SciTech, said: “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.
“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.”
Richard Butterfield, relationship director, real estate and housing at Lloyds Bank, added: “This financial package will enable Bruntwood SciTech 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.”
Shoosmiths acted on behalf of the lenders, and Addleshaw Goddard acted for Bruntwood SciTech, with CBRE providing valuation advice.
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