Today we're delighted to announce half a billion pounds of new investment into Bruntwood SciTech and renew our dedicated support to the growth of science, technology and innovation. And we have more exciting news! Greater Manchester Pension Fund, the largest local authority pension fund in the UK, has become a shareholder in Bruntwood SciTech, investing £150 million in the business.
Both existing shareholders, Bruntwood and Legal & General have also doubled down on their commitment to invest for the long term in these sectors and the business, and have done so via additional capital injection and asset transfer. The new investment will enable and accelerate the next phase of our growth and create a £5 billion UK-wide portfolio that can support 2,600 high-growth businesses by 2032.
Bruntwood SciTech becomes the UK's largest property platform for the innovation economy, with £1.5bn of assets spanning a 4.8M sq ft portfolio of nine campuses and 31 city centre innovation hubs. GMPF's investment is the first local government pension scheme to make a direct and active investment of its kind and scale into a UK-wide specialist property platform.
You can read the full story on our website here. You might have also spotted the news as an exclusive in The Times over the weekend.
