A major partnership deal has been struck that will boost the science and technology sector in Liverpool.
Bruntwood SciTech has been announced as the fourth shareholder and private sector investment partner of Sciontec Liverpool in a deal that will mean new world-leading facilities across the city.
The deal is subject to completion of the legal process, but will see Bruntwood join Liverpool City Council, Liverpool John Moores University and the University of Liverpool as partners, and acquire a 25% shareholding in £12m Sciontec.
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It follows a competitive two-stage process, with the partnership believed to be part of a wider vision for a "globally-facing 21st century knowledge-economy", hoped to act as a catalyst for exponential growth across the Liverpool City Region.
A spin-out company of Knowledge Quarter Liverpool, Sciontech is a strategic and place-making organisation, aimed at expanding the city's Knowledge Economy assets including Liverpool Science Park, and building new facilities.
Bosses say the scale of opportunity for Sciontec is "considerable".
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According to Sciontec, the four partners have "highly-achievable" aspirations to expand asset value beyond £40m in the next 12 months, and discussions with a number of parties are already at an "advanced stage".
First-step projects for the new partnership will include the planned refurbishment and expansion of Liverpool Science Park, and the development of No 5 Paddington Village - a 160,000 sq ft office for the creative and scientific sectors.
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Professor Dame Janet Beer, Vice-Chancellor of the University of Liverpool and Chair of Sciontec Liverpool, told BusinessLive: “We are delighted to be taking Bruntwood SciTech through as our preferred bidder and look forward to the opportunity to work with them as a shareholder in the new development company, upon completion of the legal process.
"Plans are already in place to modernise and expand our existing science and tech assets, whilst developing new world-leading facilities, and this new collaboration will help us achieve that.”
Mayor of Liverpool, Joe Anderson, said: “The Knowledge Quarter is one of the most exciting science and tech initiatives in the country with the potential to transform Liverpool’s economy into the high value knowledge-based economy our city deserves. It’s a sign of its potential that we have been able to attract the two high quality companies behind Bruntwood SciTech.
"Bruntwood’s history of investing in the city includes cultural partnerships with significant social impact as well as property, and alongside Legal & General, Sciontec has an incredibly strong start in pulling Liverpool ahead of other cities with an innovation district buzzing with new ideas and economic opportunity."
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Phil Kemp, CEO of Bruntwood SciTech, which is a joint venture between Bruntwood and Legal & General, said: “Liverpool city region has a tremendous opportunity to grow its innovation space and become one of the world’s most forward-thinking innovation districts.
"It has outstanding universities, an exemplary NHS Trust and is already globally leading the market in innovations in materials chemistry, high-performance computing and AI.
"Being selected as Sciontec Liverpool’s fourth shareholder will strengthen our relationships within the city, providing increased opportunities for science and tech businesses to start, scale and grow and access links into our network of thriving innovation districts.”