Pension Insurance Corporation plc , a specialist insurer of defined benefit pension funds, has invested £250m in debt issued by the City of London Corporation.
The corporation will use the cash to relocate the city’s historic wholesale food markets – Billingsgate (fish), Smithfield (meat) and New Spitalfields (fruit, veg and flower) markets – to a former power station site in Barking and Dagenham.
The investment will not be drawn down by the City Corporation until 2021, locking in borrowing costs.
The deal follows a similar loan by Legal & General Investment Management to the City of London Corporation, made earlier this year.
