Peel Logistics has taken over Evander Properties, adding a development pipeline of more than 3 million sq ft.
The deal is the latest logistics property business shake-out to come as developers take profits from the last four years of growth, and prepare for a more complex period ahead.
The Evander/Peel tie-up follows Roxhill’s decision to team up with Segro to create a nationwide big-shed developer.
Evander directors Jeremy Greenland and Neil Dickinson, will become shareholders and assume senior leadership positions within Peel Logistics.
This is the first big buy for Peel since it formed a joint venture with US-based financiers Macquirie Capital in July 2015.
Since it was founded in 2007, Evander has undertaken over 4.7 million sq ft of logistics development.
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.
In addition to becoming co-investing shareholders in Peel Logistics, Jeremy Greenland (pictured) 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.