Bruntwood SciTech announces £185m green funding deal

Bruntwood SciTech has agreed a three-year £185m funding deal to boost sustainable developments in its property portfolio outside of London. Lloyds Bank led the transaction as Green Loan coordinator on the investment loan. Santander, NatWest, HSBC and Lloyds Bank took equal 25% shares in the combined £185m facility. Bruntwood SciTech, a joint venture between Bruntwood and Legal & General, will use £60m of the funding to develop 400,000 sq ft of specialist workspace at its Circle Square development. The specialist workspace will be developed at buildings 2, 3 and 4 Circle Square. The remaining £125m of funding will be used as an investment loan to refinance elements of Bruntwood SciTech’s specialist property portfolio. The assets include the UK’s largest bioscience campus, Alderley Park in Cheshire, Manchester Science Park, Manchester Technology Centre and Platform, a leading home for tech businesses in Leeds. Kate Lawlor, finance director, Bruntwood SciTech, said: “Our assets are powering the future of the UK’s knowledge economy, helping to create thriving innovation clusters, like Circle Square, and supporting new breakthroughs in bioscience and the tech industry. “We’ve seen significant demand for our specialist workspaces and labs from start-ups and scale-ups to leading global companies.” Bruntwood has pledged that it will be net zero carbon across its new buildings by 2030 and across its old buildings by 2050. Squire Patton Boggs acted on behalf of the lenders, and Addleshaw Goddard for Bruntwood SciTech, with CBRE providing valuations. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette