Macquarie Capital has launched a UK logistics management platform with Peel Land and Property Group.

The Peel Logistics joint venture will be seeded with capital from both partners and develop logistics facilities for long-term ownership.

The joint venture will look to build a £1bn (€1.41bn) portfolio of UK assets upon merger control clearance and target land ready for development.

Demand for logistics is being driven by the e-commerce sector, the UK’s resurgent manufacturing industry and a move to on-shoring, the companies said.

Two developments in the northwest of England, the 280,000 sqft Port Salford scheme and a 175,000 sqft speculative scheme in Liverpool will form part of the partnership as it looks to provide “build-to-suit” facilities.

Port Salford, occupied by Culina Logistics and next to the Manchester Ship Canal, will be accesible by road, rail and short-sea shipping.

The joint venture said plans have been submitted for Liverpool International Business Park. Based on current configurations and market needs, this could deliver in the short-term approximately five million sqft of logistics capacity across multiple sites, including Liverpool International Business Park, Port Salford, Robin Hood Airport, and Knowsley.

James Whittaker, development director for Peel Land and Property Group, 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.”

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