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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, to approve:

1)      To provide a
secured Mezzanine Loan facility, of up to £48m, on a
completed and operating, city centre 683 unit built to rent (BTR)
asset.

2)      To commit up
to £3m of additional equity to the BTR investment asset.

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
re-finance an existing, mezzanine loan, secured on a completed and
fully let, city centre built to rent (BTR) development of 683
units.
 
Avison Young (AY) in their role as
non-discretionary manager to GMPVF, has undertaken suitable due
diligence and has provided a recommendation that GMPF provides this
facility. Please refer to the AY report attached which supports
this recommendation.