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Pension Insurance Corporation (PIC) has acquired one in Manchester city centre and designated it as the location of its first leased structure allocation (BTR), in which it will invest 130 million pounds.
There are 520 apartments, more than 6,000 feet of advertising area and 102 parking lots.
The project, which has a comprehensive planning agreement, designed to help regenerate a key detail of the city center.
It is expected to create 40 jobs and employ 650 other people in the structure phase, and the final touch is expected in 2024.
Muse Developments has been appointed developer, with VINCI Construction UK as contractor.
Tracy Blackwell, CEO of PIC, said: “With a portfolio of more than 40 billion pounds supporting the guaranteed pensions of our 230,000 policyholders, PIC is a significant and determined investor in UK infrastructure.
“I am very pleased that we have now secured our first BTR project, a step in which PIC continues to grow.
“This investment, which will have a positive effect on the local economy, will provide secure long-term cash flows to help our pension bills in the coming decades.”
David Burkinshaw, Director of Development at Muse Developments, added: “The final touch of the futures financing agreement with PIC is a step for all partners as we move forward with the first phase of this cutting-edge gateway development.
“This agreement underscores investor confidence in our long-term vision and the reuse of an underutilized site in Manchester city centre.”
PIC has been through Colliers International, HAALO, WSP, Addleshaw Goddard LLP, Paul Nash, MSc PPCIOB and Bishopsfield Capital Partners.