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Macquarie-backed Peel Logistics merges with Evander

UK logistic specialist Peel Logistics, previously backed by the Australian investment bank, and Evander Properties are to merge. Evander directors Jeremy Greenland and Neil Dickinson will become chief executive officer and chief operating officer respectively. 

Peel Logistics, the Manchester-based UK logistics specialists, has merged with London-based logistics and industrial developer and asset manager Evander Properties.

The firm said that Jeremy Greenland (pictured) and Neil Dickinson, both directors at Evander, will become shareholders and assume senior leadership positions as a result of the merger: Greenland has been appointed chief executive officer and Neil Dickinson has been appointed chief operating officer.

A spokesman for both merged businesses said the pair will be responsible for the growth of Peel Logistics, including the integration of Evander and Peel Logistics’ current projects, and will work alongside existing development director, Matt Fitton.

“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,” the spokesman added.

Greenland, who has more than 22 years of experience in the UK logistics sector, founded Evander in 2007 after stints at Prologis, Astral Developments and JLL. He was joined at Evander by former ProLogis colleague, Dickinson, in 2008.

“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,” said Steven Underwood, chief executive of the Peel Group.

Peel Logistics was launched in July 2015 as a joint venture between estate development firm Peel Land and Property Group and Macquarie Capital, the capital advisory business of Sydney-based investment bank, Macquarie Bank. According to a PERE article written at the time, the partnership was initially seeded with “£10s of millions” worth of capital.

Jonathan Harris (pictured), 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.”

In early 2016, Peel Logistics completed its first two projects; a 280,000 square foot warehouse let to Great Bear (formerly Culina) at Port Salford, near Manchester, and a 175,000 square foot speculative development at Liverpool International Business Park.

Evander, whose existing institutional clients include L&G, M&G, AVIVA, BA Pension Fund and Rockspring, has undertaken over 4.7 million square feet of logistics development since 2007.