Evander Properties has merged with Peel Logistics, creating a new management structure that sees Evander’s Jeremy Greenland and Neil Dickinson become chief executive and chief operating officer respectively.
The pair will work alongside Matt Fitton, Peel Logistics development director, at the enlarged company, which has a strongly North West-weighted portfolio.
Peel Logistics was launched in 2015 as a new brand for the major industrial sites within the Peel Land & Property and Peel Ports groups. At its inception Peel Logistics was half owned by Australian bank Macquarie Capital, which provided seed funding for development.
Greenland and Dickinson have become shareholders and bring “extensive occupier and investor relationships”, Peel said. The sizes of the stakes acquired by the Evander chiefs have not yet been published at Companies House. The pair were appointed directors on 26 August.
London-based Evander has immediately rebranded as Peel Logistics. The company was founded in 2007 by Greenland, who had worked at ProLogis, Astral Developments and JLL. He was joined by former ProLogis colleague Dickinson in 2008. Since inception, Evander has undertaken 4.7m sq ft of logistics development, with a gross development value of £360m, on behalf of institutional investors.
Greenland said: “Neil and I have built a successful business by taking a selective approach to development opportunities and maintaining a clear focus on the occupier proposition. We are excited about the opportunity to combine our relationships and development skills with those of Peel Logistics.”
Evander’s existing institutional clients include L&G, M&G, AVIVA, BA Pension Fund and Rockspring with speculative and bespoke solutions being delivered for occupiers including John Lewis, Waitrose, ASOS.com and Debenhams.
In 2016 Peel Logistics completed its first two projects; a 280,000 sq ft warehouse let to Great Bear, formerly Culina, at Port Salford and a 175,000 sq ft speculative development at Liverpool International Business Park.
As well as accessing Peel extensive land bank along the Mersey, Manchester Ship Canal and Port of Liverpool, Peel Logistics plans to grow via the acquisition of “targeted strategic land sites, development opportunities and income producing opportunities. Third party institutional capital will be sought to support this growth strategy.”
Meanwhile, Macquarie’s Oliver Vines has joined the board of Peel Logistics, replacing Alex Rouse, who has moved to Sydney with the bank.