Decision

DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 19 July 2024, for GMPF to provide a senior secured development loan facility of £49.5m, for two speculative multi-let industrial schemes.

Reasons for the decision

An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 19 July 2024.

The opportunity is for GMPF to provide a development loan, to part finance two well located, speculative multi-let industrial schemes.

The developer is highly experienced and delivered over 3.2m sq ft of industrial space across the North of England. Both build contracts are currently being tendered, which is expected to be completed shortly, with suitably experienced contractors appointed.

CBRE in their role as non-discretionary manager to GMPVF, has engaged with the developer and carried out due diligence on the opportunity. CBRE recommends that GMPF approves a £49.5m development loan facility.