Transactions - SEPTEMBER 1, 2020

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PIC invests €146m in central Manchester BTR project

by Released

Pension Insurance Corp. (PIC), a specialist insurer of defined benefit pension funds, has acquired a prime city-center site in Manchester, England, as the location for its first build-to-rent (BTR) project, investing £130 million (€146 million/$175 million) to fund the construction of 520 residential apartments, more than 6,000 square feet of commercial space and 102 car parking spaces.

The construction project, which has full planning consent, will deliver high-quality homes and help regenerate a key part of the city center. It is expected to create 40 new jobs and employ 650 people during the construction phase, with completion due in 2024.

Muse Developments, a part of the Morgan Sindall Group, is the developer, and VINCI Construction UK, a specialist civil engineering, construction and facilities management company, is the contractor.

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