The United Kingdom logistics and industrial property specialist will see Evander Properties directors Jeremy Greenland and Neil Dickinson become shareholders and take on senior leadership positions in the company, Peel Logistics said in a statement.
Peel Logistics will merge with fellow United Kingdom logistics real estate developer Evander Properties, the company said in a statement.
Under the agreement, the UK logistics and industrial property specialist will see Evander directors Jeremy Greenland and Neil Dickinson become shareholders and take on senior leadership positions in the company.
Financial terms of the deal were not disclosed.
Greenland, who has more than 22 years of experience in the UK logistics sector, having previously worked at ProLogis, Astral Developments and JLL prior to founding Evander in 2007, has been appointed chief executive officer of Peel Logistics. Also a former employee of ProLogis, Dickinson joined Evander in 2008 and now becomes Peel Logistics’ chief operating officer.
As CEO and COO, respectively, Greenland and Dickinson will be responsible for Peel’s integration with Evander and the company’s continued growth, including sourcing of new acquisition opportunities in the UK. The two will work directly with current development director at Peel Logistics, Matt Fitton.
Evander’s existing institutional clients include L&G, M&G, AVIVA, BA Pension Fund and Rockspring, with speculative and custom-built solutions being delivered for occupiers including John Lewis, Waitrose, ASOS.com and Debenhams.
Since its inception, the firm has undertaken over 4.7 million square feet of logistics development with a gross development value of over 360 million pounds (U.S. $479.3 million) on behalf of institutional investors.
“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,” said Greenland. “We are excited about the opportunity to combine our relationships and development skills with those of Peel Logistics.”
“With the addition of Evander’s existing projects to the Peel Logistics platform, the combined business will be ideally placed to fulfill its ambition of becoming a leading national logistics property business, providing best-in-class solutions for occupiers and institutional investors,” Peel Logistics said of the merger.
Steven Underwood, chief executive of the Peel Group, said Greenland and Dickinson’s experience would accelerate the company’s growth strategy by “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.”
Launched in July 2015 as a joint venture between Peel Land and Property Group and private investment fund Macquarie Capital, Peel Logistics develops and operates logistics real estate sites in major logistics markets, including the Midlands, South-East, North-West and Yorkshire.
The company said it plans to grow via the acquisition of targeted strategic land sites, development opportunities, and income producing opportunities, adding it will seek third-party institutional financing to support this growth strategy.
“We continue to see deep demand from global institutional investors for UK logistics real estate,” said Macquarie Capital Head of European Real Estate Jonathan Harris. “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.”
Peel Logistics to merge with fellow UK logistics real estate developer
