Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has agreed to the £267.6 million (€304.5 million/$329.4 million) purchase of 2 Ruskin Square in Croydon, a new 344,940-square-foot class A office next to East Croydon railway station, from the Schroders Capital UK Real Estate Fund (SCREF).
The building will be let to the Government Property Agency (GPA), providing PIC with secure, predicable, long-dated and index-linked cashflows, which are closely aligned to serving PIC’s purpose of paying the pensions of current and future policyholders.
The building, which is due for Category A completion in June 2023 and will be ready for service August 2024, has been specifically designed for occupation by the Home Office, which will accommodate approximately 3,000 civil servant
