PIC invests £145 million in Durham University

Written by Jack Gray
30/08/18

Pension Insurance Corporation (PIC) has invested £145 million in debt issued by Durham University.

According to PIC, the investment will match its pension payments, with £70m maturing in 2058 and £75m maturing in 2067.

PIC offered this long-dated funding as it secured the largest allocation of total debt insurance, £225m, and has now invested more than £500m in UK universities.

Durham University vice-chancellor, professor Stuart Corbridge said: “The PIC team has a very good understanding of the needs of universities as a result of their extensive experience of investing in this sector and were flexible and responsive in helping us achieve our aims.”

The funds will be used to assist Durham University in achieving the goals defined in its University Strategy 2017-27, including the Estate Masterplan, in which the university is developing new buildings and refurbishing old ones.

The strategy also aims to help the university contribute further to society by providing top quality research, education and student experience.

PIC senior debt origination manager, Elizabeth Cain said: “We are delighted to have been able to work with Durham on this transaction, helping to fund the University’s Estate Masterplan. This is our single largest investment in the university sector and its very long-term maturity date reflects the strength of the university.”

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