Decision

DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 14 July 2023, to approve:

1)      To provide a secured Mezzanine Loan facility, of up to £48m, on a completed and operating, city centre 683 unit built to rent (BTR) asset.

2)      To commit up to £3m of additional equity to the BTR investment asset.

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 re-finance an existing, mezzanine loan, secured on a completed and fully let, city centre built to rent (BTR) development of 683 units.

Avison Young (AY) in their role as non-discretionary manager to GMPVF, has undertaken suitable due diligence and has provided a recommendation that GMPF provides this facility. Please refer to the AY report attached which supports this recommendation.