PIC pays £80m for Milton Keynes BTR
Pension Insurance Corporation has agreed to fund an £80m build-to-rent scheme in Milton Keynes.
The investor will acquire the 306-flat scheme at Bowback House (pictured) working with developer HG Living.
Bowback House also includes 25,500 sq ft of external amenity space and 10,000 sq ft of internal retail and amenity.
Pension Insurance Corporation has agreed to fund an £80m build-to-rent scheme in Milton Keynes.
The investor will acquire the 306-flat scheme at Bowback House (pictured) working with developer HG Living.
Bowback House also includes 25,500 sq ft of external amenity space and 10,000 sq ft of internal retail and amenity.
The scheme will use air source heat pumps for hot water and green electric for heating, with solar panels also helping towards net-zero efforts. It will target a 4* Homes Quality Mark, Wiredscore gold rating, and a minimum EPC rating of B.
Tracy Blackwell, chief executive at PIC, said the scheme will “once again go above and beyond existing building requirements in terms of energy efficiency and resident safety”.
The acquisition brings PIC’s investment into productive finance to £500m, following deals in Liverpool and Bromley.
Blackwell added: “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.”
PIC was advised by Addleshaw Goddard, CBRE, HAALO and RPS. HGL was advised by Forsters.
Image © Latitude Architects
