URL: https://tameside.moderngov.co.uk/ieDecisionDetails.aspx?ID=2512

Decision Maker: Chief Executive of the Greater Manchester Pension Fund (Sandra Stewart)

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Purpose: 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, residential development. The borrower is an SPV formed by the sponsor, a large US financial institution. The Development Manager and Main Contractor are highly experienced in delivering this type development. 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 up to £57m.

Content: 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, residential development. The borrower is an SPV formed by the sponsor, a large US financial institution. The Development Manager and Main Contractor are highly experienced in delivering this type development. 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 up to £57m. 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 residential Build to Rent development and for GMPVF to provide a development loan facility of up to £57m.

Date of Decision: December 16, 2024