Pension Insurance Corporation (PIC) has invested £130m in its first build to rent project, in central Manchester.

The defined benefit (DB) pension scheme insurer invested the funds to built 520 residential apartments and over 6,000 square feet of commercial space.

The project is due to be completed in 2024 and will be retained by PIC for the long term.

PIC CEO, Tracy Blackwell, said that she was “delighted” that the firm had secured its first build to rent project.

“With a portfolio in excess of £40bn backing the guaranteed pensions of our c.230,000 policyholders, PIC is a significant and purposeful investor in the UK’s infrastructure,” she added.

“This investment, which will have a positive effect on the local economy, will provide long-term, secure cashflows to back our pension payments in the decades ahead.”

Muse Developments, as part of the Morgan Sindall Group, is the project’s developer, while specialist civil engineering, construction and facilities management company, Vinci Construction, is the contractor.

“I want to thank our partners, Muse Developments and Vinci Construction UK, for their help so far and I look forward to successful completion in 2024,” commented Blackwell.

“We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2021.”

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