Purpose

An allocation of 3% of Fund assets to GMPVF, was
ratified by Panel in June 2022.

Approval is sought for the acquisition of a rail
freight storage facility located in Widnes. The property is
entirely let to one single occupier with a lease expiring in 12
years.

The site is of strategic importance to the
tenant’s business operation. The site also has further demand
potential over the longer term, either through other occupiers
leasing the facility, or through change of use.

Due diligence has been undertaken by one of
GMPF’s external managers.  A
report is provided as an appendix supporting the proposed
acquisition price.
The
acquisition is considered to be well suited to GMVF’s current
investment requirements being a defensive asset with a strong
income return and high land value underpin. The investment is also
considered to be a good addition to the investment portfolio by
further increasing the exposure to the alternative sector and
increasing the income return.

Content

DETERMINED that as part of the
3% Greater Manchester Property Venture Fund (GMPVF)
allocation approved by Panel in June 2022, to
approve a commitment of £32m to acquire a rail
freight storage facility, subject to the usual property due
diligence before purchase.