PIC invests a further £125m with University Partnerships Programme

Pension Insurance Corporation (PIC) has completed a further £125m investment with University Partnerships Programme (“UPP”), a provider of on-campus residential and academic accommodation infrastructure.

The investment will allow UPP to design, build, fund and operate 1,182 high-quality and affordable bedrooms for the University of Exeter, one of the UK’s top universities.

This deal follows a £37m investment by PIC in 2018 to fund UPP’s development of 382 new student bedrooms for the University of Exeter’s Moberly and Spreytonway projects. To date, PIC has invested £1.2bn in the university sector around the country.

This transaction marks the sixth time that PIC and UPP have worked together on a bilateral basis, taking the total PIC has invested directly in UPP schemes to circa £530m. Previous investments have included accommodation at Swansea University, the University of London and the University of Kent. In total, PIC’s investments with UPP have helped fund the development of over 6,000 student rooms across the country.

Commenting, UPP group chief executive officer, Richard Bienfait, said: “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.”

PIC debt origination manager, Florence Carasse, said: “This investment is another step in our long-term relationship with UPP, which has seen us invest in some of the leading universities in the UK. The emphasis we have in our portfolio is to ensure the cash flows are secure and will be there to meet our pension liabilities. We therefore always seek to invest in high-quality institutions and to work with knowledgeable and experienced partners, like UPP.”

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