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Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension schemes, today announces its first affordable housing investment of £50 million to develop 125 affordable and shared ownership homes, funded with a combination of internal debt and equity. The development was made possible through a £4.9 million grant from the Mayor of London’s Affordable Housing Programme.
This is the first investment as part of a long-term partnership with London Square Group (“London Square”), an award-winning residential developer operating in Greater London, and Square Roots, the independent affordable housing provider set up by London Square. We aim to invest £500 million over the coming years to develop affordable homes to help alleviate the housing shortage in Greater London, whilst providing cash flows to back the pensions of PIC’s policyholders.
The 100 per cent affordable scheme, comprising 125 high quality affordable rent and shared ownership homes, is being developed on the former Hawks Road Health Clinic site in Kingston upon Thames, Surrey, which became surplus to NHS requirements after health services were moved to other sites in the borough. It will provide 44 apartments to be rented at London Affordable Rent (“LAR”) levels and 81 apartments available for shared ownership, with on-site amenities for residents including play space. The LAR homes will be set at rents that the Mayor of London views as ‘genuinely affordable’ and will be let to local residents who are most in need. The shared ownership homes will allow many medium income households to fund the deposit needed for homeownership, something which has proved difficult through traditional routes, despite many having stable employment. London Square is acting as contractor/developer, with Square Roots as the affordable provider. Construction of the main buildings is now under way. The development is expected to be completed in November 2025.
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