News in brief - 28 January 2022

The Pension Insurance Corporation (PIC) has invested £130m in Wirral Waters One.

The investment will fund the broader development of Peel L&P’s Wirral Waters, a 500-acre brownfield site and farmer dockland. PIC is the sole investor for the development of a build-to-rent scheme, comprising 500 one-and two-bedroom apartments, alongside 100 affordable homes. It will use a long-term regeneration lease structure, and will generate the secure long-term cashflows to allow PIC to match its pension payments decades into the future.

Caceis has partnered with London CIV to provide cost transparency and benchmarking services.

The partnership will allow London CIV, which manages London local government pension scheme (LGPS) assets, to access a comprehensive cost transparency and benchmarking solution. Caceis will provide this by pulling cost data into a portfolio level, sub-fund level, asset class level and sub-asset class level view, with benchmarking across all these levels. Comparable benchmarking and fund level comparisons will also form a key part of value for money assessments. Caceis was selected to join the LGPS Framework for custody services in 2021, and also provides similar services for Brunel Pension Partnership.

PIC has invested £128m in low-carbon student accommodation for the University of Birmingham.

The investment will fund a 1,230 room low-carbon residential facility, to be achieved through solar photovoltaic panels where possible, along with direct electric heating. It is inflation-linked, and represents PIC’s first investment linked to consumer price index (CPI) in the sector. The deal uses a deferred drawdown structure, whereby the debt will be drawn down over three tranches during the construction period, maturing in 2069.

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