CMS and Addleshaws advise on £1.8bn Legal & General science and tech property venture
CMS advises Legal & General's investment arm on deal creating UK's largest science and technology property platform
October 08, 2018 at 06:12 AM
2 minute read
CMS is acting alongside Addleshaw Goddard on a partnership between Legal & General's investment arm and property company Bruntwood to create the UK's largest science and technology property platform.
The partnership, in which both parties have an equal stake, will see Legal & General Capital (LGC) and Bruntwood invest capital, property and intellectual assets worth about £360m into the newly formed Bruntwood SciTech.
The deal is expected to see Bruntwood SciTech's assets grow from 1.3 million sq ft to more than 6.2 million sq ft during the next 10 years, creating a portfolio set to total about £1.8bn.
The venture is expected to create 20,000 jobs, with a number of sites set to benefit, including the Innovation Birmingham 'digital campus', as well as sites in Manchester and Leeds, with the ambition to also invest in Liverpool and Glasgow, among other cities.
CMS acted for LGC, which focuses on investing in long-term housing, infrastructure and SME finance and has built up a significant science and technology portfolio. The firm fielded a team led by real estate partner Adrian Wright and corporate partner Dipesh Santilale.
Meanwhile, Addleshaws advised longstanding client Bruntwood, with corporate partner Michael Birchall, real estate partners Stephen Kinsey and Brian Ghatan, construction partner Chris Henshaw and commercial partner Phil McGough leading the team.
Birchall commented: "This has been a hugely exciting project to be involved with, not least because it is the largest deal of its kind. The creation of Bruntwood SciTech as a joint venture between Bruntwood and L&G Capital Investments brings a powerful portfolio of real estate assets relating to science and technology together with access to capital, which will kickstart funding for sizeable schemes."
Bruntwood already has a significant property portfolio, principally in Manchester, Birmingham, Leeds and Liverpool. These include Manchester's Circle Square, the site of the BBC's former Oxford Road offices in Manchester city centre, and a 400-acre tech-heavy facility in Alderley Park in Cheshire, formerly owned by AstraZeneca.
Birchall said of working with his client of 20 years, Bruntwood: "Coming to a project like this, you're at a huge advantage, understanding their business and underlying assets."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllX Ordered to Release Data by German Court Amid Election Interference Concerns
Compliance With the EU's AI Act Lags Behind as First Provisions Take Effect
Quinn Emanuel's Hamburg Managing Partner and Four-Lawyer Team Jump to Willkie Farr
Trump ICC Sanctions Condemned as ‘Brazen Attack’ on International Law
Trending Stories
- 1States Accuse Trump of Thwarting Court's Funding Restoration Order
- 2Microsoft Becomes Latest Tech Company to Face Claims of Stealing Marketing Commissions From Influencers
- 3Coral Gables Attorney Busted for Stalking Lawyer
- 4Trump's DOJ Delays Releasing Jan. 6 FBI Agents List Under Consent Order
- 5Securities Report Says That 2024 Settlements Passed a Total of $5.2B
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250