A new partner is being sought by Bruntwood and Legal & General for their sciences platform SciTech, it has been confirmed.
An additional investor is set to be added to the 50:50 joint venture which currently has ten locations across England.
It is understood that both Bruntwood and Legal & General are not seeking to sell their stakes and remain committed to the partnership.
A spokesperson for Bruntwood SciTech said: “Like any successful joint venture with a significant pipeline, we periodically engage advisors to assess the possible funding options that could be available to us.
“We are always open to exploring new ways in which we can accelerate our goal of becoming the UK’s leading network of innovation districts.”
Bruntwood SciTech currently has locations in Birmingham, Cambridge, Leeds, Liverpool, Cheshire and Manchester.
BusinessLive reported last week that the £1.5bn ID Manchester project, which could create over 10,000 new jobs in the next 10-15 years, has edged closer.
The University of Manchester and Bruntwood SciTech formally signed a joint venture agreement after their partnership was first announced in June 2021.
When complete, ID Manchester will provide over 4 million sq ft, including 2.6 million sq ft of new commercial workspace and a £28m investment in the public realm.
The scheme will also feature 1,350 apartments and two hotels.
Bruntwood SciTech currently has 2.4 million sq ft of assets under its management as well as 5 million sq ft in its development pipeline.