Peel Group has today announced a tie-up with Ivanhoé Cambridge called the Peel Logistics Property UK Logistics Venture, seeded with a series of sites in the North of England.
The company said it was creating the new platform to hold three properties recently developed by Peel Logistics Property in Manchester and Liverpool, alongside a development site in Sheffield with capacity for more than 800,000 sq ft of lettable space.
The venture, which will be 80% owned by Ivanhoé, is being established on the back of the Canadian real estate giant’s decision to sell its P3 European logistics platform to GIC earlier this year.
The companies, advised by Macquarie Capital, said today that they would be focused on building up a portfolio of high-quality logistics properties – across “key UK logistics hubs”.
Jeremy Greenland, chief executive of Peel Logistics, which was founded in 2015 by Peel Group, said: “With significant investment capacity and the ability to pursue development, value‐add and core investments, UKLV will be well placed to capture the opportunities and strong long‐term dynamics we see in the UK logistics property sector.”
Arnaud Malbos, senior vice-president at Ivanhoé Cambridge Europe, added: “This new partnership with Peel Logistics Property in the UK confirms Ivanhoé Cambridge’s commitment to increasing its investments in logistics property globally. We are pleased to be working with the Peel Logistics Property team and have great ambitions for the venture.”
To send feedback, e-mail nick.johnstone@egi.co.uk or tweet @n_johnstone or @estatesgazette
