Pension scheme specialist invests further £50m in Peel Ports
Liverpool-based Peel Ports Group has received a £50m investment from PIC (Pension Insurance Corporation), the specialist insurer of defined benefit pension schemes.
It is the second deal concluded between the two following participation in an earlier funding round providing £33m in 2023.
PIC, headquartered in London, said its ability to offer a 12-year financing solution, in a floating rate format, provides the company with the additional flexibility it needs to fund large infrastructure investments.
Among these major projects are two £25m ship-to-shore cranes at the Port of Greenock in Scotland, £30m for a new roll-on-roll-off berth facility at the Port of London Medway and £25m to build the new Alexandra warehouse complex at the Port of Liverpool.
Dr Vladan Martinovic, senior debt origination Manager at PIC, said: “The diversity of cargo transited, their varied customer base, long term customer contracts, and ability to adapt their product offering makes the UK ports sector resilient through business cycles and, therefore, an attractive asset for a buy-to-hold investor like PIC.
“Regular, secure, long term cashflows are a good match for PIC’s pension payments stretching out decades into the future. We are delighted to be able to support Peel Ports and complete an additional financing that meets their treasury needs.”
