Pension Insurance Corporation is investing £80m (€93m) in an urban regeneration project in South East England.

The insurer of defined benefit pension said it has agreed to fund and acquire the development in Milton Keynes for its third build-to-rent project.

The redevelopment of a brownfield site will provide 306 new residential apartments, 43 of which will be affordable housing.

The Milton Keynes scheme, which will be developed by HG Living, is due to complete in late 2024.

Over the past 18 months, PIC said has invested around £500m in similar productive finance projects across the country. Last month, PIC announced it was investing £130m as the sole investor in the Wirral Waters One residential scheme which will form part of Peel L&P’s Wirral Waters regeneration project in Merseyside, the UK’s largest urban regeneration project.

To date, PIC said has invested more than £11bn in socially beneficial investments in the UK.

Tracy Blackwell, the CEO of PIC, said: “We are really pleased to announce our latest build-to-rent project, which will once again go above and beyond existing building requirements in terms of energy efficiency and resident safety.

“As our business rapidly develops, we are increasing at pace our investment into the economy and we now have a significant presence across the country, supporting thousands of jobs and regenerating key inner-city sites. Yet we would like to do more but will only be able to do so with appropriate reform of Solvency II.”

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