Pension Insurance Corporation (PIC) has completed a further £125 million ($160 million) investment with University Partnerships Program (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 U.K.’s top universities.
This deal follows a £37 million ($47 million) 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 £1.2 billion ($1.5 billion) 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 £530($676 million). 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 more than 6,000 student rooms across the country.