Purpose

To preserve GMPF’s position
in relation to the litigation proceedings, in accordance with the
legal advice set out in the exempt report. 

Content

DETERMINED

In relation to
the UK Direct Property Portfolio and the ongoing matter of
litigation regarding the base build defects in an investment
asset;

(i)                
To approve the
recommendations of GMPF’s appointed Real Estate Investment
Manager and the external firm of legal advisors/King’s
Counsel as set out in the exempt report.

(ii)              
Further, to
grant delegated authority to the Assistant Executive Director
(Local Investments & Property) to take all actions necessary to
implement the recommendations made in the exempt
report. 

Alternative options considered

All avenues for resolving the
dispute have been explored following legal advice, see Appendix
B.