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London, 26 April 2021 – Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds, has completed a debt investment totalling £37.5 million in Welsh housing association Wales and West Housing. The investment will go towards the funding of 2,500 new homes to be built over the next five years. This is PIC’s third investment in the Welsh social housing sector after Pobl and the Welsh Housing Partnership (WHP), taking the total amount invested to over £200 million.
Headquartered in Cardiff, Wales and West manages around 12,000 homes in 15 local authorities in Wales. These include more than 3,000 dedicated properties for older people as well as innovative supported housing solutions for people with a range of particular needs.
Key points of the transaction:
Eugenia Korobova, Debt Origination Manager at PIC, said: “We are very happy to have invested in Wales and West, a dynamic social housing provider. Sourcing long-dated, secure cash flows is important to PIC. The investment backs our long-term pension liabilities, while having the beneficial outcome of putting PIC’s capital to use in parts of the economy where funds are vitally needed.”
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Notes to Editors:
For further information please contact:
Pension Insurance Corporation Jeremy Apfel +44 (0)20 7105 2140
Teneo Douglas Campbell +44 (0)20 3757 9231 firstname.lastname@example.org
About Pension Insurance Corporation
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2020, PIC had insured 273,500 pension scheme members and had £49.6 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
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