Ivanhoé Cambridge has partnered Peel Logistics Property to develop logistics real estate in the UK.

The real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ) will own 80% of Peel Logistics Property UK Logistics Venture (UKLV).

The joint venture has an initial portfolio of three properties recently developed by Peel Logistics Property in Manchester and Liverpool and a prime development site in Sheffield with capacity for over 800,000sqft of lettable space.

Jeremy Greenland, Peel Logistics Property CEO, said: “We are very pleased to launch Peel Logistics Property’s first investment venture and create this new partnership with Ivanhoé Cambridge.

“With significant investment capacity and the ability to pursue development, value‐add and core investments, UKLV will be well placed to capture the opportunities and strong long‐term dynamics we see in the UK logistics property sector.”

Arnaud Malbos, senior vice president for investments at Ivanhoé Cambridge Europe, said: “This new partnership with Peel Logistics Property in the UK confirms Ivanhoé Cambridge’s commitment to increasing its investments in logistics property globally.

Macquarie Capital advised Peel Logistics Property on the establishment of UKLV.