Pension Insurance Corporation (PIC) has invested £60.6m into a student accommodation project at the University of Essex.
The initiative will see the construction of a 643-bed student housing development at the university's Colchester campus through secured bonds rated by S&P.
The pension insurer said the debt's inflation-linkage and amortisation structure, maturing in 2063, is a good match for its liabilities.
The deal takes PIC's investment in the university up to £150m this year, and has now invested a total of £500m in the student accommodation sector (including the latest deal at the University of Essex) over the past three years.
Senior debt origination manager Liz Cain said: "This latest investment by PIC in student accommodation builds on an existing relationship with the various parties following an investment of £98m earlier this year to allow refinancing of an existing accommodation block on campus.
"PIC is a buy and hold investor and these projects work well as there is a long-term nominations agreement in place with the university which links to our long-term partnership approach."
University of Essex director of campus services Chris Oldham said: "We are committed to providing a first-class living and learning experience for the growing number of students who choose to study at the University of Essex. Providing high-quality, purpose-built on-campus accommodation is at the heart of that commitment and we're pleased this latest development has received financial backing."
TradeRisks acted as arranger and dealer for the bond issue, the project sponsor is Uliving, and Bouygues UK is the building contractor.
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