Purpose

The Fund has
an approved allocation of 10% into Property, set by Management
Panel in June 2023.

A proposed
commitment of £150m is recommended into a UK unlisted
property company. Thorough due diligence has been undertaken by the
internal team alongside external advisors and officers are
supportive to proceed on the agreed terms and consider it to be in
line with the agreed wider property portfolio strategy.

As part of
the commitment, a board seat will be provided to GMPF. A
recommendation is made to appoint an officer to this role on behalf
of GMPF.
The
investment report includes an analysis of the pacing of commitments
relative to the target allocation as well as the implications from
a portfolio construction basis.

Content

Full
Approval for a proposed commitment of
£150m to a commercial property company.