Evergreen 2 completes first loan for Citylabs 2.0

Evergreen 2 completes first loan for Citylabs 2.0
© Citylabs 2 0 CG1 MIPIM 2018.

Manchester Science Partnerships, the leading UK operator of science and technology campuses, has been awarded an £18.5m (~€20.8) loan for the pioneering Citylabs 2.0 development in the heart of Manchester’s Oxford Road Corridor innovation district.

Building on the success of the Citylabs 1.0 biomedical centre of excellence, which was fully occupied just 15 months after launch in 2014, Citylabs 2.0 is a state of the art laboratory and office facility. It is being developed for Manchester Science Partnerships by Bruntwood and is a joint venture partnership with Manchester University NHS Foundation Trust (MFT), offering easy access to clinical validations and trials.

The development, alongside Citylabs 3.0, has high strategic importance to Greater Manchester and the wider North West and is part of a £60m further expansion on Europe’s largest clinical-academic campus providing access to clinicians and patients. It offers a state-of the-art laboratory workspace for health and medical technology businesses, focusing on creating a UK hub for the rapid development innovations in predictive and preventative medicine.

The location of Citylabs 2.0 and 3.0 will enable health and medical technology companies to develop and co-create new therapeutic and diagnostic health products in collaboration with the NHS and academic research facilities.

What will the funding cover?

  • The funding includes £12.5m from Evergreen 2, the first loan facility to be made from the new £45m fund which is supported by the 2014-20 European Regional Development Fund programme;
  • The balance was provided by the original North West Evergreen Fund, and will be used to finance the construction costs, professional fees and expenses of Citylabs 2.0; and
  • Like the previous North West Evergreen Fund, Evergreen 2 is managed by CBRE’s Investment Advisory team, and provides debt funding for commercial property and regeneration projects in Greater Manchester, with a focus on low carbon projects.

Tom Renn, Managing Director of Manchester Science Partnerships said: “At Citylabs 2.0 we are committed to creating a world-leading hub for biomedical innovation and discovery and this funding from Evergreen 2 means we can soon begin construction work on the first stage of our plan to expand the campus in partnership with MFT.

“The success of Citylabs 1.0 has underlined the strong demand from global biomedical and precision medicine companies to locate and grow in Greater Manchester.”

Sir Michael Deegan, Group Chief Executive of MFT said: “The development at Citylabs 2.0 will further increase the interaction between our hospitals, staff and patients with industry to help to develop the diagnostics and treatments of the future.  It is essential that the NHS and industry work closely together, co-creating solutions to address real gaps in the technology and services we need to constantly improve the treatment outcomes for our patients.”

The first North West Evergreen Fund of £60m has provided over £115m of debt finance to developments, including Allied London’s St John’s scheme and Peel’s MediaCity in Salford, recycling and reinvesting its capital and supporting developments with a combined value of over £1bn.

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