URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2785

Decision Maker: Chief Executive of the Greater Manchester Pension Fund

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Purpose: An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 11 July 2025. The proposal is an opportunity for GMPF to purchase a 276 room hotel development, at a well located position, via a forward funding agreement.  The hotel will be pre-let to an established hotel operator, with a first rate covenant strength. The developer is highly experienced, with a strong track record of hotel schemes at this location.  Following a tender process, a suitably experienced main contractor has been appointed. CBRE in their role as non-discretionary manager to GMPVF, has carried out a thorough due diligence process on this opportunity and recommends that GMPF approves the purchase of the pre-let hotel, via the £42.74m forward funding agreement.

Content:

Date of Decision: November 3, 2025