A major new funding deal has been agreed to support the development of two business parks in Birmingham.
OakNorth Bank has provided a £44.4 million loan to Bruntwood SciTech to support the expansion of the city centre Innovation Birmingham tech campus and the Health Innovation Campus in Selly Oak.
The next planned phase of work at Innovation Birmingham is a £30 million 120,000 sq ft building called Enterprise Wharf which was approved last year and will contain new offices, collaboration space, cycle storage, changing facilities and a roof garden.
Phase one of the £210 million Health Innovation Campus won the green light from the city council earlier this month.
It will comprise a 130,000 sq ft lab and office building as part of an overall plan to build up to 657,000 sq ft of lab, office and incubation space on the former Battery Park site in Selly Oak.
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Bruntwood SciTech is working in partnership with the University of Birmingham on the health campus scheme.
Chief executive Kate Lawlor said: “2020 was an unprecedented year, none more so than for our science and tech sector.
“We witnessed first-hand the importance of UK businesses working at the forefront of life sciences and tech and the impact they had on the country as they pivoted at pace and at scale in the fight against the pandemic.
“As the UK looks to retain its place on the global stage, it is vital that we have the infrastructure, facilities, skills and support that businesses in the sector need, helping the UK to build back better economically and sustainably.
“This is why we’re hugely grateful to have OakNorth Bank’s support to develop our two Birmingham campuses.”
Chris Swarbrick, senior debt finance director at OakNorth Bank, added: “We’re delighted to be supporting a business that’s championing the UK’s science and technology sector by providing them with the specialist, high-quality workspaces and wraparound support they need.
“With the Government’s Industrial Strategy and levelling up agenda focusing heavily on the transformative capabilities of the UK science and technology sector, we expect space, particularly in Birmingham to be in high demand.”
Bruntwood SciTech is a joint venture between Manchester-based commercial property firm Bruntwood and finance group Legal & General and has a portfolio valued at around £525 million.