Peel Land & Property and Australian investment bank Macquarie Capital are to jointly fund development of logistics facilities for long-term ownership under a new agreement.
The Peel Logistics branded joint venture will have access to Peel’s extensive land bank, which contains 250 acres of consented developable land ready for immediate occupation, major locations along the River Mersey, Manchester Ship Canal and next to Liverpool John Lennon Airport.
The recently announced 280,000 sq ft Port Salford development occupied by Culina Logistics will be the partnership’s first property.
Peel Logistics has also submitted plans for a 175,000 sq ft speculative development at Liverpool International Business Park, near the airport. Both schemes are well positioned to benefit from Peel Ports’ £300m investment in the new Liverpool2 deepwater container terminal at the Port of Liverpool, which is expected to drive additional demand for logistics space in the North West.
The current consented land bank available to Peel Logistics could deliver in the short term 5m sq ft across multiple sites, including Liverpool International Business Park, Port Salford, Robin Hood Airport, and in Knowsley.
James Whittaker, development director for Peel Land & Property, said: “This exciting new partnership combines the complementary skills and expertise of Peel and Macquarie. Our shared vision is that Peel Logistics will evolve into a full service enterprise undertaking the development, ownership and management of logistics assets alongside institutional capital partners.”
Steven Underwood, chief executive of the Peel Group, added: “The Peel Logistics platform aims to leverage not only our extensive land bank but also the Peel Group’s wider links to the supply chain and logistics via our longstanding and ongoing involvement in the port, airport and retail property sectors in the UK.”
Jonathan Harris, Macquarie Capital head of European real estate, said: “We are delighted to be working alongside Peel on this significant initiative which will benefit from our considerable experience in advising and investing in logistics real estate businesses in the UK and globally.”