Decision

DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 14 July 2023, for GMPF to undertake due diligence on an opportunity for GMPVF to provide a development loan facility of £37.5m, for two residential developments.

Reasons for the decision

An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 14 July 2023.

The proposal is an opportunity for GMPF to provide a development loan, to part finance residential developments in two regional town centre locations.

The borrower is a Build to Rent developer and regeneration specialist, with a growing portfolio of over 1,500 homes across the North of England.

CBRE in their role as non-discretionary manager to GMPVF, has engaged with the developer and carried out an initial review of the opportunity.  CBRE recommends that GMPF proceeds with due diligence, with a view to seeking a future approval to provide a £37.5m development loan, should the due diligence findings be positive.