Pension Insurance Corporation plc (PIC), has agreed a £160m debt investment in student accommodation for the University of York.

The funds will be used to construct around 1,500 high quality en-suite rooms for students in a facility which will also provide student study spaces, exhibition spaces, cafes and a number of university departments.

Florence Carasse, Debt Origination Manager at PIC, said: “We are delighted to have agreed this deal with the University of York, one of the top UK universities, which has demonstrated strong demand historically and will benefit from the expansion of its Campus East, to further improve student satisfaction.”

The senior secured bond spans 45 years, and has a maturity tailored to a year when it is hard to find cashflows in the public debt markets.