Bruntwood SciTech secures €677m for UK's sci-tech sector

Alternative property platform Bruntwood SciTech has secured a £580 mln (€677 mln) sustainable finance package to fuel its growth in the UK's science and technology sector. 

The funding has been provided by Barclays, HSBC UK, Lloyds, NatWest and Santander UK.
The financing package includes a £530 mln (€619 mln) investment facility (comprised of a £450 mln term loan and an £80 mln revolving credit line) and a separate £50 mln (€58 mln) development facility.
The three-year facility will primarily support Bruntwood SciTech's office and lab space developments across its six-city network (Manchester, Birmingham, Leeds, Liverpool, London, and Cambridge), encompassing 11 campuses and 31 innovation hubs. Specifically, it will fund the completion of No.3 Circle Square in Manchester, further improvements at Alderley Park, the redevelopment of the Pall Mall building in Manchester city centre, and continued investment in the Sister innovation district project with The University of Manchester.
Kevin Crotty, CFO for Bruntwood SciTech, said: “This funding facility will also enable us to continue putting sustainability at the heart of all our new and ongoing developments. With the new funding, we will be able to move quickly and generate the momentum needed to deliver a more sustainable built environment for businesses to innovate, collaborate, and grow within.” 
The refinancing's environmentally friendly terms support Bruntwood SciTech's sustainability goals, including better energy efficiency ratings for buildings, lower carbon emissions annually, reduced carbon footprint in new construction, and greater use of renewable energy.
This investment will enable the company to further its ambition of creating a £5 bn (€5.8 bn) innovation workspace platform by 2033, with specific projects including completing No.3 Circle Square in Manchester, redeveloping Pall Mall, and continuing investment in the Sister innovation district.