The joint venture between Bruntwood and Legal & General is in advanced talks to make its first move outside the established Northern and Midlands portfolio created when the JV was established two years ago.
L&G and Bruntwood signed a deal to create the JV in October 2018, with an initial £360m to invest. Eight sites containing more than 1m sq ft went into the company at the outset, with ambitions to add 6m sq ft over the next 10 years.
Bruntwood SciTech has now identified its first site in Oxford and is close to completing the acquisition of Begbroke Science Park from the University of Oxford.
Last year L&G agreed a deal with Oxford University to build 1,000 homes for staff, and another 1,000 affordable accommodation units in Begbroke for students and science parks across the city.
Bruntwood SciTech’s strategy is to create sci-tech space in Russell Group university cities around the UK. Bruntwood SciTech’s existing sites are in Cheshire, Manchester, Birmingham, Liverpool and Leeds.
Phil Kemp, CEO of Bruntwood SciTech, left the business at the end of September after two years in charge.
A spokesman for Bruntwood SciTech declined to comment.