URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2702

Decision Maker: Chief Executive of the Greater Manchester Pension Fund

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose: A 3% allocation of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 11 July 2025.   The decision is for Officers appointed as Directors to a GMPVF Development JV to vote alongside our JV partner to enable the JV to take up a senior secured property loan, to part-refinance the existing equity holders in a recently completed, well-located and high-quality office development and for the JV to meet the estimated £200,00 of the intended lenders due diligence costs.   After undertaking due diligence, CBRE in their role as non-discretionary manager to GMPVF, has reviewed the opportunity, agreed commercial terms and provided a recommendation that GMPF grants the £37m senior secured property loan facility. All due diligence costs are to be met by the borrower.

Content: A 3% allocation of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 11 July 2025.   The decision is for Officers appointed as Directors to a GMPVF Development JV to vote alongside our JV partner to enable the JV to take up a senior secured property loan, to part-refinance the existing equity holders in a recently completed, well-located and high-quality office development and for the JV to meet the estimated £200,00 of the intended lenders due diligence costs.   After undertaking due diligence, CBRE in their role as non-discretionary manager to GMPVF, has reviewed the opportunity, agreed commercial terms and provided a recommendation that GMPF grants the £37m senior secured property loan facility. All due diligence costs are to be met by the borrower. RESOLVED That in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 11 July 2025, to: (i)             provide the senior secured property loan facility of £37m, for the city centre office development, at the agreed terms shown in the CBRE Stage 2 Recommendation Report; and (ii)            for the JV to meet up to £200k of due diligence costs of the intended lender. (iii)           Further, that those Officers appointed as Directors to a GMPVF Investment Joint Venture, acting in accordance in the Companies Act 2006 (sections 171 to 177) are authorised,  should they deem it appropriate acting in the interests of the JV exercising their independent judgment using reasonable care, skill, and diligence, to vote in favour of the JV taking up £37m of Later Stage Development Debt, to part-refinance the JV partners in a recently completed city centre office development and for the JV to meet up to £200k of due diligence costs of the intended lender.

Date of Decision: August 4, 2025