HBD x Factory, the joint venture between UK property developer HBD and international tech campus developer Factory, is pleased to announce a significant milestone. In a transformative move, HBD will buyout its partner Factory, as Factory shifts its operational focus to its existing portfolio and new projects in its pipeline.
The multi-million-pound deal marks a pivotal moment for both companies, who established a joint venture to pursue innovation-focused real estate projects in the UK and have been successfully working together for nearly five years. This news follows the successful achievement of key milestones for the Golden Valley Development, including the submission for 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.
“Partnerships are core to HBD’s business and collaborating with Factory has been instrumental in advancing the Golden Valley Development,” said Adam Brady, HBD, Director and board member of HBD x Factory. “Factory’s involvement has been fundamental in establishing a robust foundation for our future growth and development in this dynamic field.”
The agreement includes HBD assuming responsibility for the venture’s operations, as Factory focuses its energy on other innovation campus developments, investing the funding from this transaction into new projects in its pipeline.
“The recent planning submission, approved £95m funding agreement, and £20m commitment from government has allowed us to revisit our strategy,” said Jeremy Bamberg, Factory, Co-Founder. “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, poised to steer the Golden Valley project through its next stages of development. HBD retains its commitment to the project’s vision of creating a world-class science and technology hub. The company is dedicated to fostering innovation, supporting businesses to train, attract and retain top talent, and contributing to the economic vitality of the local community and wider UK cyber and innovation sectors.
“Factory has provided very valuable support and advice to the Golden Valley project as demonstrated by the progress made thus far,” said Councillor Mike Collins, Cheltenham Borough Council. “We are thankful for the contribution and insights gained and wish them well as we move Golden Valley forward into the delivery phase.”