The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has completed a unique investment with the London Borough of Bromley (LBB), to help alleviate local emergency homelessness. The £67m deal will be used to purchase up to 300 affordable properties outright. This will significantly reduce the Council’s current cost of emergency nightly accommodation, for example by eliminating reliance on hotel rooms, for families in need of temporary accommodation across the Borough.
This innovative funding concept is a key part of LBB’s Housing and Homelessness strategy. The properties will be managed by specialist housing group, Orchard and Shipman.
Max Cawthorn, investment strategy manager at PIC, said: “We are proud to have worked with the London Borough of Bromley on this innovative funding deal. As a long-term investor, PIC has a track record of working with borrowers to structure bespoke deals that meet their needs, match secure cashflows with the pensions we will be paying decades into the future, and benefit society. This investment ticks all those boxes and we are really pleased to be able to help alleviate homelessness in one of the largest boroughs in London.”
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