Peel Logistics today announced that it is merging with industrial developer Evander Properties. The Directors of Evander Properties (Evander), Jeremy Greenland and Neil Dickinson, will become shareholders and assume senior leadership positions within Peel Logistics.
With the addition of Evander’s existing projects to the Peel Logistics platform, the combined business will be ideally placed to fulfil its ambition of becoming a leading national logistics property business, providing best-in-class solutions for occupiers and institutional investors.
Jeremy 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.
Peel Logistics was launched in July 2015 as a joint venture between Peel Land and Property Group and Macquarie Capital. Peel Logistics is seeded with capital from Peel and Macquarie and to date has focused on exploiting opportunities sourced from its privileged access to Peel’s strategic land bank.
In 2016 Peel Logistics completed its first two projects; a 280,000ft² warehouse let to Great Bear (formerly Culina) at Port Salford and a 175,000ft² speculative development at Liverpool International Business Park.
In addition to becoming co-investing shareholders in Peel Logistics, Jeremy Greenland has been appointed Chief Executive Officer and Neil Dickinson has been appointed Chief Operating Officer. Jeremy and Neil will be responsible for the growth of Peel Logistics including the integration of Evander and Peel Logistics’ current projects and sourcing new acquisition opportunities in key UK logistics markets. They will work alongside Peel Logistics’ existing Development Director, Matt Fitton.
Peel Logistics operates nationwide with projects across major logistics markets, including the Midlands, South-East, North-West and Yorkshire. 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.
Steven Underwood, Chief Executive of the Peel Group, said: “We are absolutely delighted that the Evander team is joining forces with Peel Logistics. Jeremy and Neil bring a tremendous amount of credibility and a track record that will enhance our ability to grow the business, exploiting opportunities across Peel’s existing extensive pipeline of logistics sites and via the acquisition and development of high quality logistics space across the UK.”
Jonathan Harris, Macquarie Capital Head of European Real Estate, said: “We continue to see deep demand from global institutional investors for UK logistics real estate. The combination of a management owned platform, highly experienced leadership, first-class development capability and the support of Peel and Macquarie should be an attractive proposition for a range of investors.”
