Utmost bags four deals; Rothesay commits £400m to student housing
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Utmost Life and Pensions has completed four separate buy-ins this year for a combined £177m of liabilities. Separately, Rothesay is investing £400m in the student accommodation sector.
The four full buy-ins by Utmost insure the benefits of a total 1,127 pensioners and dependants and 1,365 deferred members. Combined, the new business premiums for the four deals is £177m.
PwC and Isio acted as lead brokers on two transactions each. Utmost’s in-house lawyers were supported by CMS UK.
Gary Needham, head of bulk purchase annuity business development, said: “We continue to see strong demand from schemes looking to secure their members’ benefits and Utmost offers a new and attractive choice.”
Utmost entered the bulk purchase annuity market with two deals at the end of last year.
Another bulk annuity provider, Rothesay, has announced a £400m investment, an eight-year loan in the purpose-built student accommodation sector. The facility refinances a public securitisation for the Unite UK Student Accommodation Fund, whose assets are operated and managed by the Unite Group. The insurer’s investment is secured against 23 student accommodation properties in 15 cities.
Gary Leadbeater, director of group treasury and FP&A at Unite Group, said on behalf of USAF: “It was great to partner with Rothesay on this transaction – they were very diligent while also being pragmatic throughout the process. This new £400m loan will increase available liquidity and keeps us well-positioned to deliver on our strategy, all while keeping our average cost of debt in line with expectations.”
The Unite Group is the largest owner, manager and developer of purpose-built student accommodation, with about 68,000 beds across 153 properties. Established in 2006, USAF is the largest specialist student accommodation fund in the UK.
The four full buy-ins by Utmost insure the benefits of a total 1,127 pensioners and dependants and 1,365 deferred members. Combined, the new business premiums for the four deals is £177m.
PwC and Isio acted as lead brokers on two transactions each. Utmost’s in-house lawyers were supported by CMS UK.
Gary Needham, head of bulk purchase annuity business development, said: “We continue to see strong demand from schemes looking to secure their members’ benefits and Utmost offers a new and attractive choice.”
Utmost entered the bulk purchase annuity market with two deals at the end of last year.
Another bulk annuity provider, Rothesay, has announced a £400m investment, an eight-year loan in the purpose-built student accommodation sector. The facility refinances a public securitisation for the Unite UK Student Accommodation Fund, whose assets are operated and managed by the Unite Group. The insurer’s investment is secured against 23 student accommodation properties in 15 cities.
Gary Leadbeater, director of group treasury and FP&A at Unite Group, said on behalf of USAF: “It was great to partner with Rothesay on this transaction – they were very diligent while also being pragmatic throughout the process. This new £400m loan will increase available liquidity and keeps us well-positioned to deliver on our strategy, all while keeping our average cost of debt in line with expectations.”
The Unite Group is the largest owner, manager and developer of purpose-built student accommodation, with about 68,000 beds across 153 properties. Established in 2006, USAF is the largest specialist student accommodation fund in the UK.
Harish Haridas, head of commercial real estate at Rothesay, said: “Rothesay’s in-house asset management and origination teams are dedicated to delivering high-quality, long-term investments like this, providing real retirement security for the over one million people whose pensions we protect. We’re pleased to complete this investment with the Unite Group and continue to grow our support for the higher education sector which plays a vital role in the UK economy.”
How will the BPA market develop this year?
How will the BPA market develop this year?
