The Greater Manchester Pension Fund (GMPF) has bought Salford’s iconic Soapworks development — formerly the Colgate-Palmolive factory — from The Carlyle Group for £60 million.

Councillor Kieran Quinn, chair of Greater Manchester Pension Fund, said: “For some time I have been in no doubt that Local Government Pension Schemes have a vital role in driving economic growth through investment.

“As the largest local government pension fund in the country, the Greater Manchester Pension Fund (GMPF) has a proud history of investing in both Greater Manchester and the North West through projects such as Matrix Homes and One St Peter’s.

“I’m delighted that we’re continuing to deliver on that goal with the purchase of the Soapworks development.

“I look forward to seeing this iconic development come to life.

“This innovative and prestigious scheme will attract businesses and support economic growth in Salford and the wider Greater Manchester region.

“The returns on this investment will also help enable us to achieve our over-riding aim of meeting our pension commitments to the GMPF’s 350,000 members.”

CBRE represented The Carlyle Group. GVA represented GMPF.