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PIC Invests in Exeter Student Accommodation

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Pension Insurance Corporation (PIC) has increased its investment in student accommodation by a further £125 million.

The specialist insurer has built on an initial £37m investment in rooms at the University of Exeter and now has £1.2bn invested in the sector.

The latest investment was completed via the University Partnerships Programme (UPP) which, through six deals, has allowed PIC to invest around £530m in universities, developing more than 6,000 student rooms.

The £125m investment will see UPP design, build, fund and operate an extra 1,182 affordable student bedrooms at Exeter, while providing long-dated, inflation-linked assets for PIC. The loans will mature in 2066, thereby providing a regular and stable income for the insurer.

Commenting on the deal, UPP group chief executive Richard Bienfait added: "We are delighted once again to be working with PIC who are a reliable and flexible partner for us and have demonstrated a clear commitment to the higher education sector and its need for high-quality facilities."