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Bruntwood, Legal & General enter £360M science, technology property JV

Bruntwood Group Ltd. and Legal & General Group PLC formed a £360 million, U.K.-focused science and technology property partnership, marking the largest investment in science and technology property assets in Europe so far in 2018.

The investment in the new joint venture company, dubbed Bruntwood SciTech, will comprise capital, property and intellectual assets. Bruntwood SciTech aims to create 20,000 jobs, according to a release.

The entity's assets are expected to grow to more than 6.2 million square feet over the next decade, reaching a portfolio value of £1.8 billion. Bruntwood SciTech already houses over 500 science and technology businesses, including digital startups and life-science companies in Manchester, Birmingham and Leeds. The company will initially focus on developing its existing portfolio and expanding within the Northern Powerhouse and Midlands Engine regions, before seeking opportunities in other U.K. regional cities.

Bruntwood CEO Chris Oglesby will chair the new business, with Bruntwood Chief Commercial Officer Phil Kemp acting as its CEO.