PIC and London Square Group invest $61.1m in affordable housing project
The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension schemes in the United Kingdom, has announced its first affordable housing investment of £50 million ($61.1 million) to develop 125 affordable and shared ownership homes, funded with a combination of internal debt and equity. The development was made possible through a £4.9 million ($6 million) grant from the mayor of London’s Affordable Housing Programme.
This is the first investment as part of a long-term partnership with London Square Group, an award-winning residential developer operating in greater London, and Square Roots, the independent affordable housing provider set up by London Square. PIC aims to invest £500 million ($611.3 million) over the coming years to develop affordable homes to help alleviate the housing sho