Decision Maker: Sandra Stewart - Director of Governance & Pensions
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 24 June 2021.
The proposal is an opportunity for GMPF to join a club of lenders, to provide the senior debt requirement, for a predominately residential development, as part of a well located, suburban town centre redevelopment.
Avison Young (AY) in their role as non-discretionary manager to GMPVF, has recommended instructing further due diligence to fully understand and test the high level details of the proposed senior lending club arrangement. Please refer to the AY report attached which supports this recommendation.
In some circumstances it is necessary to incur due diligence costs before the final investment decision can be taken. It is appropriate that the Director of Pensions authorises such costs.
Publication date: 12/10/2021
Date of decision: 11/10/2021