Bruntwood SciTech Secures £580m Funding Boost from UK Lenders
Deal News | Apr 01, 2025 | Hill Dickinson
Hill Dickinson, a renowned law firm, advised a syndicate of UK lenders on a substantial £100 million top-up funding to further support Bruntwood SciTech, the UK's preeminent property platform targeting the knowledge economy. This additional funding complements a prior deal of £480 million completed in February 2024, aimed at refinancing loans for Bruntwood SciTech's growth in the UK's knowledge sector. The new funding facilities incorporate a green loan and a sustainability-linked loan, underscoring Bruntwood SciTech's commitment to their decarbonization initiatives, aspiring for net zero carbon operation in all new constructions by 2050. The financial backing is intended to bolster Bruntwood SciTech's ambition to construct a £5 billion UK platform specializing in lab and office spaces across six cities. The advisory from Hill Dickinson was led by their Banking and Real Estate teams, with particular focus on extending the original credit terms by three years. Bruntwood SciTech is a collaborative venture between Bruntwood, Legal & General, and the Greater Manchester Pension Fund, serving the UK's innovation and life sciences sectors.
Sectors
- Real Estate
- Banking and Finance
- Legal Advisory
Geography
- United Kingdom – The transaction involves UK lenders and targets city developments across six UK cities: Manchester, Birmingham, Leeds, Liverpool, London, and Cambridge.
Industry
- Real Estate – Bruntwood SciTech is expanding its real estate platform with specialized office and lab spaces.
- Banking and Finance – Involves major UK banks providing a significant funding package.
- Legal Advisory – Hill Dickinson advised on the financial structuring, showcasing the legal industry's role in large-scale finance deals.
Financials
- £580 million – The total funding package including the recent £100 million additional facility for Bruntwood SciTech.
- £480 million – The initial refinancing deal completed in February 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bruntwood SciTech | Target Company | Company | A joint venture focusing on the knowledge economy through real estate developments. |
| Hill Dickinson | Legal Advisor | Company | Law firm providing legal advisory services for the loan agreement. |
| HSBC, Lloyds Bank, NatWest, Santander, Barclays | Syndicate of Lenders | Companies | A group of UK banks offering financial support to Bruntwood SciTech. |
| Debra Cooper | Lead Partner | Person | Lead partner at Hill Dickinson for the transaction. |
| Bruntwood, Legal & General, Greater Manchester Pension Fund | Joint Venture Partners | Companies | Entities involved in the joint venture of Bruntwood SciTech. |