Decision

The Chief Executive of the Greater Manchester Pension Fund has decided to commit £23m to a joint venture for the development of a 440 unit Build to Rent property.

Analysis

outcome: Recommendations were approved for GMPF to commit £23m to a Joint Venture for a 50% stake in the development.

summary: The decision involves committing £23m to a joint venture for the development of a 440 unit Build to Rent property.

topline: The Chief Executive of the Greater Manchester Pension Fund has decided to commit £23m to a joint venture for the development of a 440 unit Build to Rent property.

reason_contentious: This issue may be contentious as it involves a significant financial commitment and potential risks associated with property development.

affected_stakeholders: ["Greater Manchester Pension Fund", "Joint Venture Partner", "Investment Manager", "Developer", "Contractor"]

contentiousness_score: 6

political_party_relevance: There are no mentions or implications of political parties or political influence on the decision.

URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2679

Decision Maker: Chief Executive of the Greater Manchester Pension Fund

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose:

Content: DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 19 July 2024, for GMPF to commit £23m to a Joint Venture for a 50% stake in the development of a 440 unit Build to Rent property subject to satisfactory conclusion of all due diligence matters.   An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 19 July 2024. The proposal is an opportunity for GMPF to commit £23m to a joint venture, for the development, operation and future sale of a 440 unit Build to Rent (BTR) property, at a well-located site. The investment is alongside a leading UK investment manager, with a proven track record in this sector. The developer is highly experienced, with a strong track record of BTR schemes in the North of England. A suitably experienced contractor has been engaged and commenced work on the site in Q1 2024. CBRE in their role as non-discretionary manager to GMPVF, has engaged with the proposed JV partner and carried out due diligence on the opportunity. CBRE recommends that GMPF commits £23m to join the JV for the BTR development.

Date of Decision: July 7, 2025