PIC invests £200m in Birmingham Build to Rent property

Written by Michael Griffiths

02/11/2022

Pension Insurance Corporation (PIC) has announced a £200m investment that will finance the construction of 667 residential apartments in Birmingham on an existing brownfield site.

The development, One Eastside, will be developed by specialist residential developer Court Collaboration and will become the tallest Build to Rent tower outside of London, standing at 154 meters tall.

The One Eastside development will also create over 300 new jobs, with plans for the creation of a student academy.

PIC stated that this is intended to provide opportunity for hundreds of local students, including work placements and on-site course opportunities and experience, with the aim of improving their future employment prospects.

Head of Build to Rent at PIC, Delphine Deasy, commented: “The 667 apartments development will have a positive effect on the local economy, including creating hundreds of new job opportunities and supporting the training of local students.

“At the same time, it will provide long-term, secure cashflows to back our policyholders’ pension payments in the decades ahead. We are actively engaged on a number of similar opportunities across the UK and have a strong pipeline going into 2023.”

“We look forward to continuing working in partnership with Court Collaboration, a highly experienced developer, on this best in class scheme.”

Court Collaboration founder and CEO, Anthony McCourt, added: “This £200m investment by PIC confirms that confidence in the Build to Rent sector continues to grow in Birmingham.

“One Eastside will see Court Collaboration leading the way in the West Midlands Build to Rent market with this landmark development being the jewel in the crown of the city’s Build to Rent offering. Once completed, One Eastside will provide a new benchmark for quality.”

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