Pension Insurance Corporation (PIC) has extended its student accommodation development partnership with University Partnerships Programme (UPP) with a 拢37m (鈧�41.5m) investment.
PIC, an insurer of defined benefit pension funds, said it will provide the loan to fund UPP鈥檚 development of 382 new student bedrooms for the University of Exeter.
This latest transaction marks the fifth time the two companies have worked together. The first transaction was in 2014.
Previous investments with UPP have included accommodation at Swansea University, the University of London and at the University of Kent.
Sean O鈥橲hea, the group CEO at UPP, said: 鈥淲e are delighted to have secured this latest round of funding with PIC, whose flexible and intuitive approach to financing student accommodation has resulted in us working together numerous times since our first transaction in 2014.
鈥淭his latest transaction demonstrates our continued support of the University of Exeter鈥檚 Capital Strategy and to providing the very best student experience.鈥�
Elizabeth Cain, a senior debt origination manager at Pension Insurance Corporation, said: 鈥淲e are delighted to again be working with one of our long-standing investment partners UPP, in this latest round of funding for student accommodation, this time at the highly regarded University of Exeter.
鈥淭he quality and structure of the investment is a good match for PIC鈥檚 long-term pension liabilities, and backs the pensions of our policyholders.鈥�
