Property fund sells £30m loan portfolio

Property fund sells £30m loan portfolio




The North West Evergreen Fund has transferred its portfolio of four real estate loans worth £30m to the Greater Manchester Pension Fund (GMPF).

The loans include real estate schemes in the North West, such as Media City, 1 Spinningfields, City Place, Chester and Soapworks.

The North West Evergreen Fund is a partnership between 16 local councils which provides debt funding for commercial property and regeneration projects in the North West of England. 

Evergreen revealed that the loans were “significantly ahead of maturity” and it was looking to increase its funding capacity for future projects.

“We are delighted with the sound investment decisions that have been taken since the fund started in 2011,” said Sir Howard Bernstein, director of North West Evergreen Fund.

“Not only has the fund supported valuable projects which precipitate employment and economic growth in the region, but it has made significant returns on investment. 

“These are now being reinvested into future projects, helping to cement the North West’s position leading the Northern Powerhouse.”

GMPF is now set to benefit from the increased exposure to the schemes that have strong occupational demand due to the government’s pledge to invest in the Northern Powerhouse. 

“This purchase of the Evergreen loan portfolio is yet another example of GMPF’s twin-track approach to investments,” added councillor Kieran Quinn, chair of the GMPF.

“These loans have enabled some of the region’s most iconic properties to be developed and so, as well as securing the retirement savings of our members, this purchase has extracted a huge social benefit for the North West.”

The deal was structured by CBRE’s Investment Advisory team, part of CBRE Capital Advisors.

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