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DETERMINED that as part of the 8% allocation to UK
Property, approved by Policy and Development
in June 2024, to approve an investment of
£100M into a UK Property Fund.

Reasons for the decision

In June 2024, the Policy and Development committee
approved an allocation of 8% of Fund assets for investment in UK
property. Officers anticipate that by the end of 2024, GMPF will be
underweight in its strategic allocation to UK real
estate.

GMPF officers and property managers APAM have
identified an opportunity to make a £100M investment in a UK
real estate fund, focussed on acquiring real estate public equities
to partially address this on a medium-term basis.
The
investment manager has significant expertise in investing in and
managing real estate across the UK, positioning them well to manage
a niche product of this size and complexity in a robust and
risk-conscious manner.