Content

DETERMINED that in relation to the 3% allocation to
Greater Manchester Property Venture Fund, approved by Panel on 19 July 2024, for GMPF to provide a senior secured development loan facility of £49.5m, for two
speculative multi-let industrial schemes.

Reasons for the decision

An allocation of
3% of Fund assets to the Greater Manchester Property Venture Fund was ratified
by Panel on 19 July 2024.

The opportunity is for GMPF to provide a development
loan, to part finance two well located, speculative multi-let industrial
schemes.

The developer is highly experienced and delivered
over 3.2m sq ft of industrial space across the North of England. Both build
contracts are currently being tendered, which is expected to be completed
shortly, with suitably experienced contractors appointed.

CBRE in their role as non-discretionary
manager to GMPVF, has engaged with the developer and carried out due diligence
on the opportunity. CBRE recommends that GMPF approves a £49.5m development
loan facility.