The Pension Insurance Corporation (PIC) has decided to stop making new investments in real estate equity.
PIC acquired Lincoln MGT’s Ebb & Flow scheme for over £200m in March 2026
The specialist insurer has invested £15bn in UK housing and infrastructure to date and is one of the UK living sector’s biggest investors.
The decision follows PIC’s acquisition by pan-European savings and retirement services group Athora in March for around £5.7bn.
Athora completed a review of PIC’s risk appetite and investment strategy PIC said the decision was in line with the investment strategy across the broader Athora Group.
However, PIC said it would continue to invest in real estate debt and remained “fully committed to investing in the UK”.
PIC’s investment to date has included build-to-rent, affordable housing and senior living, as well as offices. The firm owns Birmingham’s One Eastside, the city’s tallest residential tower, as well as New Vic in Manchester.
In March, it acquired Ebb & Flow, a fully-operational, 598-home built-to-rent (BTR) development in Reading from Lincoln MGT, for more than £200m.
Athora, which owns insurance businesses in the Netherlands, Italy, Belgium and Germany, alongside reinsurance operations in Bermuda, said in March that PIC would operate as its UK insurance arm under its current brand.
A spokesperson for PIC said: “We are actively working with government at all levels to help bring forward more investment opportunities as our sector continues to grow.”
