Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, is forward funding a 15-storey, 278 apartment development in Ealing, West London, its second fully-owned and self-funded Build to Rent (“BTR”) scheme.
35% of rooms within the £90 million Art Deco style building, named The Wiltern, will be affordable housing comprising 65 Discounted Market Rent and 16 London Living Rent units.
The remaining 197 apartments will be for private rent. Around 400 people will be employed on site during construction, which is due to be completed by the end of 2023
The property will be developed by Amro Partners (“Amro”), a specialist BTR and student housing developer. Henry Construction are the contractor.
PIC has invested more than £11 billion in investments across the country1 that are defined as socially beneficial and meet wider Environmental, Social and Governance (“ESG”) investment criteria, in particular creating jobs, helping the transition to a greener economy and balancing intergenerational equity.
This level of investment is a beneficial outcome of an asset strategy tied closely to PIC’s purpose, because the primary function of these assets is to securely back the company’s future pension payments. With the Government currently considering how to reform Solvency II, it is vital for the UK that life insurers are able to invest more efficiently in long-term, socially beneficial projects, whilst helping UK companies de-risk.
The project will be undertaken by Amro. With a track record of residential living projects totalling £370 million Gross Development Value, Amro is targeting delivery of 1,500 multifamily housing units across Greater London over the next five years to cater for the growing demand for purpose-built rental accommodation.