Bruntwood SciTech is set to report a pre-tax loss of £163 million for the year ending September 30, 2024, largely due to a £148 million decline in property market valuations. Despite the loss, the joint venture—formed by Bruntwood, Legal & General, and the Greater Manchester Pension Fund (GMPF)—has expanded its asset portfolio to £1.5 billion, including the addition of 29 city-centre properties.
The firm has reported a 10% like-for-like rental growth following a £500 million equity investment, with developments and refurbishments worth £314 million currently underway across 11 campus locations and 31 city-centre innovation hubs. Key projects include acquisitions in Manchester, redevelopment efforts in Leeds and Birmingham, and ongoing construction at multiple sites set for completion in 2025.
Bruntwood SciTech also secured several major tenants, including Auto Trader at No. 3 Circle Square in Manchester, UK Biobank at Greenheys in Manchester Science Park, and Corteva Agriscience at Melbourn Science Park. The company recently expanded into London, committing £200 million to a new innovation centre at Imperial College London’s White City Campus.
Despite valuation challenges, the company remains focused on long-term growth, expecting profits to rebound as market conditions stabilise.
