Peel Group and Macquarie Capital have joined forces to create a new logistics venture with a target of £1bn in assets under management.
The joint venture will be seeded with capital from both partners and will operate under the Peel Logistics brand, with Macquarie Capital acting as the capital raising agent.
The joint venture will first develop 250 acres of sites on consented land held by Peel Logistics across the north west and East Midlands, which will cover Liverpool International Business Park, Port Salford, Knowsley Merseyside and Robin Hood Airport in Doncaster.
The JV will first develop the Port Salford site, creating a 280,000 sq ft logistics facility by the Manchester Ship Canal with Culina group already signed as a tenant. The site will join about 1m sq ft of warehouse space at a new port.
In addition Peel Logistics has submitted plans for a 175,000 sq ft speculative development at Liverpool International Business Park which will benefit from a new port development by Peel Ports, another subsidiary of the Peel Group.
In total the JV hopes to develop 5m sq ft of logistics facilities over the 250 acres and create a portfolio of £1bn of assets under management over the next few years.
Jonathan Harris, Macquarie Capital’s head of European real estate, said it would bring to bear its “considerable experience in advising and investing in logistics real estate businesses in the UK and globally”.
