Bruntwood SciTech, the 50:50 joint venture between Bruntwood and Legal & General, has bought the long leasehold of Melbourn Science Park in Cambridge for £46.2m from technology and product development company TTP.
It will now work with the local planning authority to develop a new masterplan for the 16.4-acre site; creating a long-term vision for the future growth of the science park as a leading science and technology cluster in Cambridge.
The new strategic partnership will see Bruntwood SciTech and TTP team up to support the further growth and development of the park and establish a new innovation services programme to offer Bruntwood SciTech’s community of more than 500 science and tech businesses additional access to venture capital, new markets, products and prototyping opportunities.
The science park, located nine miles south of Cambridge city centre, is currently home to freeholder TTP, as well as AstraZeneca, SPT Labtech, Cellular Highways and LEX Diagnostics.
Bruntwood SciTech chief executive Kate Lawlor said: “Establishing a presence in Cambridge creates a vital new connection between the Golden Triangle and some of the UK’s other leading innovation districts in Manchester, Leeds, Liverpool and Birmingham. It further enables us to support the levelling up of the UK economy, building our network to increase the flow of investment, talent and capital into the UK science and tech sector.
“Partnership is at the heart of everything we do, working collaboratively with local government, academic and clinical institutions, businesses and research and innovation bodies to maximise the long-term success of the UK’s innovation districts and the businesses within them.
“We’re excited to be partnering with TTP, which is one of the UK’s longest-running and most successful innovators, and the opportunities this will unlock not only for Melbourn Science Park but for the whole UK science and tech sector.”
Eleanor Jukes, senior investment manager at Legal & General Capital, added: ”In the wake of Covid-19, the continued expansion of the UK’s life science sector is increasingly important. That’s why we are putting society’s pension money to work to continue to foster and fund innovation.
“Bruntwood SciTech continues to lead the way in this space, and its move into the Golden Triangle is exemplary of its major expansion; where we can now work in partnership with more world-leading universities, science and technology businesses and ground-breaking start-ups.
“Through its VC arm, Legal & General also continues to fund the university’s spin-out businesses through its investment in Cambridge Innovation Capital. This ecosystem of investment will continue to help the UK lead the way in this sector.”
JLL advised TTP on the transaction.
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