Property developer acquires former tech partner in undisclosed seven-figure deal
HBD x Factory, the collaborative venture between UK property developer HBD and international tech campus developer Factory are to formally join forces.
HBD is now set to acquire its partner Factory, as Factory shifts its operational focus to its existing portfolio and new projects in its pipeline.
This multi-million-pound deal is a pivotal development for both companies, who established a joint venture almost five years ago to pursue innovation-focused real estate projects in the UK.
The agreement includes HBD assuming responsibility for the venture’s operations.
The decision comes after the attainment of key milestones for the Golden Valley Development, including the submission of planning for the £1bn project, the approved £95m funding agreement with Cheltenham Borough Council for the delivery of the site’s iconic first building (proposed as the National Cyber Innovation Centre), and a £20m pledge from the Department for Levelling Up, Housing and Communities to ‘super-charge’ the first phase of the project.
Adam Brady, HBD, Director and board member of HBD x Factory said: “Partnerships are core to HBD’s business and collaborating with Factory has been instrumental in advancing the Golden Valley Development. Factory’s involvement has been fundamental in establishing a robust foundation for our future growth and development in this dynamic field.”
Jeremy Bamberg, Factory’s co-founder, said: “The recent planning submission, approved £95m funding agreement, and £20m commitment from the government has allowed us to revisit our strategy. Achieving these milestones highlights our dedication to developing globally renowned innovation hubs in collaboration with local governments, developers, and landowners across the UK and Europe, a mission that remains unchanged as we transition to new projects.”
Following the buyout, the joint venture will be renamed to reflect the new ownership structure, with HBD at the helm.