Decision

(i)                That in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 11 July 2025, for concept approval is given for an investment of up to £300m in residential projects at an approved target return, in addition to a due diligence budget of £3.3m.

(ii)             Any GMPF deployment from this outlined commitment, is subject to further due diligence and separate Executive Decision once the viability gap has closed to achieve approved target returns. 

Reasons for the decision

(i)                  An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 11 July 2025.

(ii)                An outline approval was obtained in September 2025 to earmark an investment of up to £300m, to be committed alongside suitable patient capital investments, made by GMCA. This report provided an update to the programme and obtained further concept approvals (along with minimum return profiles) as well as Investment Committee approval for a due diligence cost budget. 

Alternative options considered

The Local Investments team and CBRE reviewed development opportunities on a regular basis. Other opportunities had been assessed but not progressed at this stage.