PIC expands BTR portfolio in Reading

PIC, a UK insurer specialising in defined benefit pension schemes, has significantly expanded its Build-to-Rent (BtR) portfolio by acquiring Ebb & Flow in Reading.

Ebb & Flow, Reading

This transaction, valued at over £200 mln (€235 mln), marks PIC's largest investment in the Living Sector and represents one of the biggest acquisitions of an operational BtR asset outside of central London.

Ebb & Flow features 598 residential units and is part of the larger, £850 mln (€999 mln) Station Hill mixed-use regeneration project, delivered by Lincoln MGT and including Grade A offices, leisure facilities, and retail spaces.

The Ebb & Flow development itself is designed to foster a comprehensive resident wellbeing program and offers a wide array of amenities. These include fitness studios, expansive roof terraces, exclusive club lounges, private dining areas, and numerous pocket parks, all contributing to a vibrant community atmosphere. PIC's existing BtR assets include New Victoria, One Eastside, The Wiltern, and Arbour.

James Agar, head of Real Estate Origination at PIC, said: “The acquisition of Ebb & Flow aligns with PIC’s BtR investment strategy, which sets out a targeted approach to acquiring well‑located, high-quality developments in strong locations such as Reading. Fully let, best-in-class operational assets represent strong relative value at this point in the market cycle, delivering attractive risk-adjusted returns, as we navigate higher interest rates and the persistently tight credit spread environment.”

Steve Hollands, head of Built-to-Rent Origination at PIC, said: “Ebb & Flow is a strong addition to PIC’s existing BtR portfolio and reflects our updated strategic focus on acquiring purpose-built operational assets. Reading is a highly attractive location underpinned by strong employment fundamentals and excellent infrastructure and transport connectivity.”

Callum Thorneycroft, managing director, MGT Investment Management, on behalf of JV Lincoln MGT, added: “The acquisition of Ebb & Flow by an investor of PIC’s quality underscores the best-in-class design and delivery executed by Lincoln MGT. This continues the JV’s track record of attracting institutional capital to the landmark Station Hill development.”