GMPF invests £20m in 440-home Old Trafford BTR

The Greater Manchester Pension Fund has provided an injection of equity that will see it develop, own, and operate Podium at Lumina Village in a 50:50 joint venture with Moorfield.

The deal follows Moorfield’s £120m forward funding deal for the 440-home Old Trafford project agreed in January 2024.

It is understood that that deal was made up of £40m equity with the rest as debt provided by Trafford Council. GMPF’s involvement sees the fund take a 50% stake in the equity for £20m.

GMPF’s investment in the 440-home build-to-rent scheme, which forms part of Glenbrook’s Lumina Village development, is the latest sign of its push into residential.

Earlier this year, GMPF was selected as the investment partner for This City, Manchester City Council’s housing delivery vehicle that aims to build 1,600 homes.

Podium also represents Moorfield’s third BTR investment with Glenbrook Manchester. Previous investments include The Trilogy in Castlefield and Duet in Salford Quays.

The development is expected to complete in Q2 2026.

Charles Ferguson-Davie, co-chief executive and chief investment officer at Moorfield Group, said: “Our joint venture with Greater Manchester Pension Fund sees us partner with a forward-thinking UK institutional investor who understand the long-term benefits high-quality purpose-built rental housing can bring to local communities and economies.

“This transaction enables us to recycle capital into other compelling opportunities we are seeing within UK living real estate. There is a long-standing structural demand-supply imbalance, and a need for new housing of different tenures and typologies.”

Cllr Eleanor Wills, chair of the Greater Manchester Pension Fund and Executive Leader of Tameside Council, said: “I am proud that the Greater Manchester Pension Fund, alongside Moorfield, GMCA, and Trafford Council, is supporting the provision of high-quality mid-market rental housing in Greater Manchester.

“The strategy supports the government’s plan to provide much needed homes that are affordable to young families and those looking to get their first step on housing ladder, whilst enabling us to secure the pensions of our members.”

Colin Thomasson, head of UK investment properties at CBRE said: “Demand/supply dynamics within the wider UK housing market continue to position the build-to-rent sector favourably with both domestic and global institutional investors, and we are delighted to have played a pivotal role in the partnership between Moorfield and GMPF.”