Purpose

A 3% allocation of Fund assets
to the Greater Manchester Property Venture Fund was ratified by
Panel on 11 July 2025.
 
The decision is for Officers
appointed as Directors to a GMPVF Development JV to vote alongside
our JV partner to enable the JV to take up a senior secured
property loan, to part-refinance the existing equity holders in a
recently completed, well-located and high-quality office
development and for the JV to meet the estimated £200,00 of
the intended lenders due diligence costs.
 
After undertaking due diligence,
CBRE in their role as non-discretionary manager to GMPVF, has
reviewed the opportunity, agreed commercial terms and provided a
recommendation that GMPF grants the £37m senior secured
property loan facility. All due diligence costs are to
be met by the borrower.

Content

RESOLVED
That in relation to the 3% allocation to Greater Manchester
Property Venture Fund, approved by Panel on 11 July 2025, to:

(i)            
provide the senior secured property loan facility of £37m,
for the city centre office development, at the agreed terms shown
in the CBRE Stage 2 Recommendation Report; and

(ii)           
for the JV to meet up to £200k of due diligence costs of the
intended lender.

(iii)          
Further, that those Officers appointed as Directors to a GMPVF
Investment Joint Venture, acting in accordance in the Companies Act
2006 (sections 171 to 177) are authorised, 
should they deem it appropriate acting in the interests of the JV
exercising their independent judgment using reasonable care, skill,
and diligence, to vote in favour of the JV taking up £37m of
Later Stage Development Debt, to part-refinance the JV partners in
a recently completed city centre office development and for the JV
to meet up to £200k of due diligence costs of the intended
lender.