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

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.