Purpose

An allocation
of 3% of Fund assets to the Greater Manchester Property Venture
Fund was ratified by Panel on 11 July 2025.

The proposal is an opportunity for
GMPF to purchase a 276 room hotel development, at a well located
position, via a forward funding agreement.  The hotel will be pre-let to an established
hotel operator, with a first rate covenant strength.

The developer is highly
experienced, with a strong track record of hotel schemes at this
location. 
Following a tender process, a
suitably experienced main contractor has been appointed.

CBRE in their role as
non-discretionary manager to GMPVF, has carried out a thorough due
diligence process on this opportunity and recommends that GMPF
approves the purchase of the pre-let hotel, via the £42.74m
forward funding agreement.

Content

 DETERMINED
3% allocation
to Greater Manchester Property Venture Fund, approved by Panel on
11 July 2025, for GMPF to commit £42.74m, to purchase via a
forward funding agreement, a pre-let hotel development.