Greater Manchester Pension Fund has appointed CBRE as adviser as it looks to invest £840m into property developments across the North West and West Yorkshire.
The move follows the retirement of Avison Young, which has acted as manager for the past 15 years.
The seven-year mandate will see CBRE supporting the Greater Manchester Property Venture Fund in securing direct and lending opportunities across the commercial and residential property sectors.
In addition, CBRE is expected to help the fund generate income and contribute positively to the economic growth of the region through the creation of new jobs, advancing environmental and residential living standards, stimulating further investment and regenerating urban areas.
Gerald Cooney, chair of Greater Manchester Pension Fund, said: “We look forward to building a partnership with CBRE to deliver against our strategy and drive social, economic and community impact through our real estate investments across the north of England.”
Colin Thomasson, head of northern investment at CBRE, said: “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 value to the fund over the next seven years.”
The fund has invested in property development across the North West for more than 30 years, both as a developer and by providing development debt and equity. Notable developments supported by the fund include One St Peter’s Square, 8 First Street, Airport City, Circle Square, Leonardo Hotel, Crusader Mill, Colliers Yard, the Mailbox in Stockport and Island in Manchester.
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