Manchester Property Investment Draws Envious Gazes from London's Authorities
11 Apr 2012
Reports this week showed that other cities are seeking to emulate Manchester’s innovative approach to investment, with London particularly interested in the success of the Greater Manchester Property Venture Fund.
The fund is the key tool in the investment programme of the Greater Manchester Pension Fund (GMPF) – a pool of the pension funds held by 10 local authorities, schools, colleges and housing trusts. The GPMF has earmarked some 5 per cent of its funds to invest in the Manchester property sector.
Its director of pensions Pete Morris told the Financial Times this week that the Manchester property investments were especially aimed at bringing new life to old industrial sites, adding: “The bulk of our local property investment is targeted at commercial opportunities, and it has the twin aims of commercial returns and helping the local area.”
So far, the Greater Manchester Property Venture Fund has developed over a million square feet of commercial buildings in the area, making a profit on each project.