URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2513

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: DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 19 July 2024, for GMPVF to join a club of senior lenders for a mixed-use city centre development and for GMPVF to provide a development loan facility of £28m. 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 join a club of lenders, to provide the senior debt requirement to part finance, a well located and high-quality, mixed-use development. The borrower is a JV formed by two experienced and well-funded North West developers. CBRE in their role as non-discretionary manager to GMPVF, has carried out due diligence on the opportunity and recommends that GMPVF joins the club of lenders and provides a loan facility of £28m.

Date of Decision: December 16, 2024