Pension Insurance Corporation (PIC) has extended its student accommodation development partnership with University Partnerships Programme (UPP) with a £37m (€41.5m) investment.

PIC, an insurer of defined benefit pension funds, said it will provide the loan to fund UPP’s development of 382 new student bedrooms for the University of Exeter.

This latest transaction marks the fifth time the two companies have worked together. The first transaction was in 2014.

Previous investments with UPP have included accommodation at Swansea University, the University of London and at the University of Kent.

Sean O’Shea, the group CEO at UPP, said: “We are delighted to have secured this latest round of funding with PIC, whose flexible and intuitive approach to financing student accommodation has resulted in us working together numerous times since our first transaction in 2014.

“This latest transaction demonstrates our continued support of the University of Exeter’s Capital Strategy and to providing the very best student experience.”

Elizabeth Cain, a senior debt origination manager at Pension Insurance Corporation, said: “We are delighted to again be working with one of our long-standing investment partners UPP, in this latest round of funding for student accommodation, this time at the highly regarded University of Exeter.

“The quality and structure of the investment is a good match for PIC’s long-term pension liabilities, and backs the pensions of our policyholders.”