Purpose

The Fund has an approved allocation of 10% into Property, set by Management Panel in June 2023.

A proposed commitment of £150m is recommended into a UK unlisted property company. Thorough due diligence has been undertaken by the internal team alongside external advisors and officers are supportive to proceed on the agreed terms and consider it to be in line with the agreed wider property portfolio strategy.

As part of the commitment, a board seat will be provided to GMPF. A recommendation is made to appoint an officer to this role on behalf of GMPF.

The investment report includes an analysis of the pacing of commitments relative to the target allocation as well as the implications from a portfolio construction basis.

Decision

Full Approval for a proposed commitment of £150m to a commercial property company.