Pension Insurance Corporation (PIC) has made a further £50m (€58.2m) debt investment to fund sustainable projects by the London School of Economics and Political Science (LSE).
The specialist insurer of defined benefit pension funds said the additional funding will fund projects including the development of 35 Lincoln’s Inn Fields (35 LIF), LSE’s first carbon-neutral building.
35 LIF will be home to the university’s high-computing facilities hub, housing the Data Science Institute and is aimed at MBA students and future leaders of the digital economy.
The latest deal follows PIC’s £129m investment with LSE and DIF Capital Partners to fund the development of a 676-bed student residence in Southwark, London, in January this year.
Thomas Foucoin, a senior debt origination manager at PIC, said: “The deal highlights PIC’s track record of completing repeat transactions with our valued investment counterparties. We are now supporting the LSE for both its student accommodation requirements and for wider development of its education facilities and data science offering.
”This investment backs our future pension payments and enhances retirement security for our policyholders.”
Mike Ferguson, LSE’s CFO, said: “We’re delighted to have secured this long-dated funding with PIC, which reflects both the financial strength of the LSE and its positive long-term prospects in the higher education sector.
“The team at PIC impressed us with their knowledge of the sector and flexibility in designing a funding structure that meets our commitment and ambition to embedding sustainability across our activities.”
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