Pension Insurance Corporation (PIC) has made a £100m (€111.8m) debt investment with the National Trust.
The specialist insurer of defined benefit pension funds said the funds will be used by the UK charity and conservation organisation to maintain and invest in existing heritage assets and conservation.
PIC said it has structured the loan as two tranches of £50m, deferred until 2020 and 2022 to match the Trust’s requirements. The debt matures in 2063.
Marno Jooste, the debt origination manager at PIC, said: “This is a great investment for us and we are very happy to have been selected as the investment partner for The National Trust.
“The private nature of the transaction means we were able to develop a maturity profile which isn’t readily available through the public markets and suits the Trust’s funding objectives, including developing and improving a range of visitor facilities. The 40-year-plus term of the investment is well matched to our liabilities.”
Peter Vermeulen, the CFO at The National Trust said: “We are pleased to have worked with PIC on this transaction. The team has extensive experience in structuring innovative, flexible deals and are well-respected investors.
“We look forward to improving our visitor facilities with this much-needed investment so that people across the country can continue to enjoy the rich history of our land and properties.”