Pension Insurance Corporation (PIC) has provided £40m (€44m) to finance the redevelopment Royal College of Surgeons of England’s (RCSEng) headquarters in London.

The insurer of defined benefit pension funds said the 30-year investment will help fund the final stages of RCSEng’s redevelopment of the Barry Building. The project commenced in 2017 and is due for completion in 2021.

Elizabeth Cain, deputy head of debt origination at PIC, said: “We were attracted by the College’s strong governance model and by the social value of its work, with many future generations set to benefit from the College’s vision for its headquarters.

“As we increase the number of pension schemes we insure, PIC continues to look for secure, long-term cash flows to back our pension payments. These investments are a good fit for our long-term liabilities and at the same time have a wider benefit for society.”

Neil Mortensen, president at the Royal College of Surgeons of England said: “We are pleased to have secured this funding from PIC. The redevelopment will see the building transform from a sprawling warren of corridors, built in the aftermath of WWII, to a state-of-the-art training centre for future generations of surgeons, whilst retaining its historical significance.”

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