City of London secures £250m from PIC

City of London Corporation has secured £250m in debt from Pension Insurance Corporation for a number of major projects around the Square Mile. The City will use the funds to relocate and develop the Billingsgate, Smithfield and New Spitalfields markets at their new home on the site of the former Barking Reach Power Station in Dagenham, east London. It will also fund the Museum of London’s move to West Smithfield. The debt is split across 40 and 45-year maturities to match PIC’s pension payments. The investment will not be drawn down until 2021. PIC provided the largest share of a £450m transaction, with a further £125m coming from LGIM Real Assets, and £65m from Aberdeen Standard Investments on behalf of Phoenix Group. The PIC loan was jointly arranged by Lloyds Bank and Santander. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette