Innovation Birmingham seeking backers for continued expansion
Technology park in Birmingham city centre, Innovation Birmingham, is working on finding new investment.
Innovation Birmingham is offering investors an equity stake in the campus next to Aston University as it seeks to develop a further 90,000 sq ft of office space by January 2020.
The campus is located around Faraday Wharf, with the new iCentrum tech hub and a collaboration unit called Universities Centre opening during the past year.
KPMG Corporate Finance has been instructed to review options for the organisation, which incubates digital start-ups and supports tech firms with two to 50 employees.
There are now more than 150 technology businesses located across the 104,000 sq ft campus off Holt Street.
Coun John Clancy, leader of Birmingham City Council which owns the campus, said: “The continued expansion of the campus is vital to the needs and continued growth of this entrepreneurial city.
“The organisation requires a new investor to bring clarity and certainty to its development programme, which benefits from being one of the 26 sites within the Birmingham city centre enterprise zone.”
Innovation Birmingham’s chief executive David Hardman commented: “The opportunity for us to seek fresh investment comes at a very exciting time.
“We have opened two, state-of-the art innovation buildings within the past 12 months which are already almost fully occupied. Our ambition and vision for Innovation Birmingham reflects the scale of opportunity this city presents.
“The entrepreneurial businesses based on the campus grow faster than if they were based elsewhere.
“We must continue to develop out our masterplan to satisfy the demand from our existing tenants, those who wish to relocate here, and be able to accommodate new digital businesses of the future.”
Khush Purewal, partner and head of KPMG’s corporate finance practice in the Midlands, added: “Innovation Birmingham is the region’s leading location for digital and tech companies. This is a unique opportunity for partners to support a successful campus in the medium term.”