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 acquire from a JV partner, an additional
20% stake in the development Joint Venture, for consideration of
£2m. The additional stake will increase the GMPVF commitment
from £6m (10%) to £18m (30%).  A condition precedent to this transaction, is that
the GMPF will not assume any obligation outside of the Limited
Partnership Agreement, in relation to the Land Drawdown
Agreement.

Reasons for the decision

A 3% allocation of Fund assets to the Greater
Manchester Property Venture Fund was ratified by Panel on 19 July
2024.

An opportunity has arisen for GMPF to increase its
stake in a Development JV. By increasing its share in the JV, the
Fund will be able to influence the future direction of the business
plan and progress development.
CBRE
in their role as non-discretionary manager to GMPVF, has undertaken
due diligence and provided a report recommending that the GMPF
proceeds with the purchase.