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DETERMINED that in relation to the 3% allocation to Greater
Manchester Property Venture Fund, approved by Panel on 14
July 2023, for GMPF to undertake due diligence on an opportunity
for GMPVF to provide a £33.3m senior
secured development loan, for a speculative
logistics scheme, comprising of four units.

Reasons for the decision

An
allocation of 3% of Fund assets to the Greater Manchester Property
Venture Fund was ratified by Panel on 14 July 2023.
The
proposal is an opportunity for GMPF to provide a development loan,
to part finance a well located, speculative logistics scheme,
comprising of four units.
The
developer is highly experienced, with a strong track record of
schemes across the UK, with a current AUM of £2.5bn. A
suitably experienced contractor has been tendered and is due to be
appointed shortly.
CBRE
in their role as non-discretionary manager to GMPVF, has engaged
with the developer and carried out an initial review of the
opportunity. CBRE recommends that GMPF proceeds with due diligence,
with a view to seeking a future approval to provide a £33.3m
development loan, should the due diligence findings be
positive.