Manchester pension appoints CBRE on £840m fund

Greater Manchester Pension Fund (GMPF) announced it will appoint CBRE Ltd as the new investment advisor for its Greater Manchester Property Venture Fund (GMPVF).

The GMPVF has an £840 million investment allocation to local property development, focused on the North West and West Yorkshire.

Councillor Gerald Cooney, Chair, GMPF added: “On behalf of the fund, we would like to acknowledge the contribution made by the retiring manager, Avison Young (formerly GVA Grimley), in the successful expansion and deployment of the GMPVF allocation over the past 15 years.

“We now look forward to building a strong and effective partnership with CBRE to successfully deliver against our strategy and drive social, economic and community impact through our real estate investments across the north of England.”

Greater Manchester Pension Fund said: “The prestigious seven-year mandate will see CBRE provide strategic advice to the fund to help it invest in direct and lending opportunities across the full range of commercial and residential property sectors, whilst meeting its other core investment objectives.

“These include generating income for the fund whilst contributing positively to the economic growth and environment of the region through the generation of employment opportunities, improving long-term job prospects, advancing environmental and residential living standards, stimulating further investment, and regenerating urban areas.

“GMPVF has invested in property development across the North West for over 30 years, both as a developer in its own right, and also by providing development debt and equity, alongside other developers in the region.

“Notable developments supported by GMPVF over recent years include: One St Peter’s Square, 8 First St, Airport City, Circle Square, Manchester New Square, Leonardo Hotel, Crusader Mill, Colliers Yard, Mailbox Stockport and Island Manchester.”

Colin Thomasson, Head of Northern Investment, CBRE commented: “We are honoured to have been appointed to service this significant mandate on behalf of the Greater Manchester Pension Fund.

“The investment potential across the north of England is exceptional and the scope of this investment programme will enable us to draw on the full power of the CBRE platform, bringing together experts from our Capital Markets, Asset Management, Development Advisory, Lending and Direct Investment Advisory teams to deliver significant value to the Fund over the next seven years.

“We are excited to build a powerful partnership with GMPF that will drive social, economic and community impact.”

Will Church, Executive Director, Lending, CBRE added: “Our lending team within Capital Advisors has originated and deployed over £1.6bn into debt investments across the North West and Yorkshire in the last 12 years, and manage some of the most successful Impact Funds in the UK.

“We consider GMPF’s ability and commitment to invest in schemes that benefit local communities to be fundamental to the ongoing success of the region and we are delighted to be able to build on our track record of delivering impact outcomes.”