09.04.2026
The Pension Protection Fund provided sole financing for a £47m project supporting the redevelopment of the former Alperton Bus Garage site in Brent.
The project has helped deliver Shillibeer House, a new affordable housing development providing 155 council homes for local residents. The wider regeneration is transforming the site into a mixed-tenure neighbourhood of 461 homes, with space for retail, cafés, community facilities and maker spaces.
The project has helped deliver Shillibeer House, a new affordable housing development providing 155 council homes for local residents. The wider regeneration is transforming the site into a mixed-tenure neighbourhood of 461 homes, with space for retail, cafés, community facilities and maker spaces.
Brent has significant demand for secure, affordable housing. The former Alperton Bus Garage site provided an opportunity to transform a former industrial location into a new residential neighbourhood, creating homes for local people while supporting wider regeneration.
Delivering a complex scheme of this scale required long-term capital, public sector collaboration and an investment structure capable of supporting the council’s housing objectives.
In 2022, the PPF provided sole financing for the £47m project.
Investing directly gave us the ability to work closely with Brent Council to support a structure that worked for the council, while also providing appropriate protections and returns for our members.
This approach reflects the role long-term institutional investors can play in supporting UK social infrastructure where projects are well-structured and aligned with fiduciary responsibilities.
This approach reflects the role long-term institutional investors can play in supporting UK social infrastructure where projects are well-structured and aligned with fiduciary responsibilities.
Shillibeer House reached completion in July 2026 and was formally opened at a ceremony bringing together residents, partners and stakeholders.
The development includes 155 affordable council homes, made up of one, two, three and four-bedroom properties. Brent Council has reported that families have now begun moving into the development, marking an important milestone for the project.
The project demonstrates how long-term institutional capital can help support place-based regeneration and practical social outcomes in the UK.
For the PPF, the investment offered an opportunity to support affordable housing delivery while maintaining a clear focus on our responsibility to protect members and manage assets prudently.
For Brent residents, the completion of Shillibeer House means more families can access safe, modern and energy-efficient homes in their local community.
For Brent residents, the completion of Shillibeer House means more families can access safe, modern and energy-efficient homes in their local community.
