OakNorth Bank announced it has provided a £44.4 million loan to Manchester’s Bruntwood SciTech, the property business dedicated to development in the science and technology sector.
SciTech was established in 2018 in a joint venture between Manchester property company Bruntwood and investment firm Legal & General.
With a portfolio valued at more than £526.8 million and totaling over 1.8 million sq ft, SciTech is home to over 500 science and tech businesses across Manchester, Leeds, Liverpool, Birmingham, Chesire’s Alderley Park and Melbourn Science Park near Cambridge.
The capital from OakNorth Bank will be used to support the development of new office and lab space for the West Midlands at Innovation Birmingham — the digital tech campus in the city’s Knowledge Quarter — and Birmingham Health Innovation Campus, co-located with the city’s universities and NHS hospital trusts.
Bruntwood SciTech CEO Kate Lawlor said: “2020 was an unprecedented year, none more so than for our science and tech sector.
“We witnessed first-hand the importance of UK businesses working at the forefront of life sciences and tech and the impact they had on the country as they pivoted at pace and at scale in the fight against the pandemic.
“As the UK looks to retain its place on the global stage, it is vital that we have the infrastructure, facilities, skills and support that businesses in the sector need, helping the UK to build back better economically and sustainably.
“This is why we’re hugely grateful to have OakNorth Bank’s support to develop our two Birmingham campuses.
“Their experience gained from working with some of the leading property developers really shone through during the entire lending process, allowing us time to invest in areas where our own expertise and passion can make the most impact.”
Chris Swarbrick, Senior Debt Finance Director at OakNorth Bank, added: “We’re delighted to be supporting a business that’s championing the UK’s science and technology sector by providing them with the specialist, high-quality workspaces and wraparound support they need.”