Decision
Analysis
outcome: Recommendations were approved for the commitment.
summary: The decision involves a proposed commitment of up to £150m to a local residential development opportunity.
topline: The Chief Executive of the Greater Manchester Pension Fund has decided to approve recommendations for a £150m commitment to a local residential development opportunity.
reason_contentious: This issue may be contentious as it involves a significant financial commitment and potential impact on local housing development.
affected_stakeholders: ["Greater Manchester Pension Fund", "Local residents", "Property developers"]
contentiousness_score: 6
political_party_relevance: There are no mentions or implications of political parties in the decision.
URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2514
Decision Maker: Chief Executive of the Greater Manchester Pension Fund (Sandra Stewart)
Outcome: Recommendations Approved
Is Key Decision?: No
Is Callable In?: No
Purpose:
Content: Stage One Approval for a proposed commitment of up to £150m to a local residential development opportunity, alongside an abortive due diligence budget of up to £100,000. This commitment would be made from the GMPVF allocation which was ratified by Policy and Development Working Group in June 2024. It is a strategic priority to invest in housing across the GMPVF target region. This recommended commitment is well aligned with these objectives. Officers have been reviewing a potential opportunity to develop a portfolio of local residential assets. Substantial further due diligence is required though which requires an abortive budget of up to £100,000. This will be focussed on property and valuation, legal, technical and structuring advice. Further approvals will be sought through Investment Committee dependent on the outcome of due diligence undertaken.
Date of Decision: December 16, 2024