PIC invests up to €233m in U.K. retirement villages JV with Octopus Real Estate

Pension Insurance Corp. plc (PIC), a specialist insurer of defined benefit pension schemes, today announced it is making a commitment to invest up to £200 million (€233 million/$243 million) in equity to fund the development and operation of around 10 new retirement communities across the United Kingdom, in its first investment into the emerging U.K. retirement-living sector.

“The U.K. retirement living sector is a growing market, with huge untapped potential that is increasing by the day as the population ages and the supply of new housing lags behind demand,” said Hayley Rees, managing director of PIC Capital. “It was vitally important for our entry into this sector that we found a partner that was aligned in our vision to generate considerable social value whilst providing value in the long term for our stakeholders. It was clear from our early conversations with the team at Octopus that they were this partner, and we look forward to working together to effect mea