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."
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