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PIC, a specialist insurer of defined benefit pension funds, and Court Collaboration, a Birmingham specialist residential property developer, welcomed Andy Street, the Mayor of the West Midlands to the One Eastside development, which at 51 storeys will become the tallest building in Birmingham.
PIC forward funded the £200 million One Eastside development and will own it for the long term, with Court Collaboration delivering the development.
Once complete, PIC will use the rental income generated from the development to help pay the pensions of its policyholders. Almost 15,000 of these policyholders currently live in the West Midlands, and PIC has paid more than £1 billion in pensions in the region since 2012. PIC has also invested more than £900 million in the West Midlands to date, including in social housing, electrified rail, and the University of Birmingham.
After breaking ground in March 2023, One Eastside is now well underway and progressing towards its 2026 completion date. The development will feature 667 high-quality new homes for rent, with state-of-the-art co-working spaces and a range of amenities for residents, including a cinema room, sky lounge, and gym.
Andy Street, with Tracy Blackwell, Chief Executive Officer at PIC, Alex Neale, MD of Court Collaboration, and visitors from PIC, BCU and members of the wider One Eastside project team.
Andy Street, Mayor of the West Midlands, said: “It’s good to witness firsthand the progress at One Eastside. Local developers Court Collaboration are helping to spearhead a major generation of this district - including new housing provision. This is all happening on the doorstep of the HS2 Curzon Street Station terminus where we were just a few days ago to mark the start of construction on that site. So, I look forward to seeing One Eastside in all its glory once complete.”
Rob Groves, Chief Investment Officer at PIC, said: “PIC is a significant and purposeful investor in the UK’s infrastructure and housing, with more than £900 million invested in the West Midlands alone. We are delighted that Mr Street has taken such a keen interest in One Eastside, a project that will deliver much needed jobs during construction, and beyond, while supporting the training of students from Birmingham City University. We look forward to working with the Mayor and the West Midlands Combined Authority to bring forward future investment. The investments provide the long-term, secure cashflows that will back our pension payments to our policyholders in the decades ahead.”
One Eastside
Alex Neale, Managing Director at Court Collaboration, closed the event, saying: “It’s been an absolute pleasure to welcome the Mayor and our other guests to One Eastside today, and to show them our fantastic progress. There’s lots of hard work ahead but with our funders behind us and Midgard leading the way, we know One Eastside is going to be a world-class addition to the city skyline.”
Joining the mayor and members of the project team, including lead contractor Midgard, were representatives from Birmingham City University, including Head of Engineering, Professor Nasser Sherkat, Built Environment Academic Lead Dr Saeed Talebi, and PhD student, Negin Amadi.
Alex added: “We’re also extremely proud to see the educational benefits our developments can provide, and we’re excited by the innovations in technology presented to us by BCU who joined us here today.”
Negin Amadi presented her digital twin work to the visitors, highlighting the innovative approaches being taken in the digital realm to advance the techniques for the safe and optimal operation of complex buildings.
Professor Sherkat comments: “This collaborative endeavour symbolises impactful research and development, providing invaluable hands-on experience for our students, enriching their future employability prospects.”
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For further information please contact:
Court Collaboration
Richard Harris
richardh@gough.co.uk
PIC
Clive Booth
+44 (0) 7780 599247
boothc@pensioncorporation.com
About Court Collaboration
For more about Court Collaboration, visit https://courtcollaboration.com/
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2023, PIC had insured 339,900 pension scheme members and had £44.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £12 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit
