Content

DETERMINED that in relation to the 3% allocation to
Greater Manchester Property Venture Fund, approved by Panel on 19 July 2024, for GMPF to commit £23m
to a Joint Venture for a 50% stake in the development of a 440 unit
Build to Rent property subject to satisfactory conclusion of all
due diligence matters.
 

Reasons for the decision

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 commit
£23m to a joint venture, for the development, operation and
future sale of a 440 unit Build to Rent (BTR) property, at a
well-located site. The investment is alongside a leading UK
investment manager, with a proven track record in this
sector.

The developer is highly experienced, with a strong
track record of BTR schemes in the North of England. A suitably
experienced contractor has been engaged and commenced work on the
site in Q1 2024.
CBRE
in their role as non-discretionary manager to GMPVF, has engaged
with the proposed JV partner and carried out due diligence on the
opportunity. CBRE recommends that GMPF commits £23m to join
the JV for the BTR development.