North West property giant Peel has formed a new venture with Macquarie Capital with a stated aim of reaching £1bn of managed logistics assets.

Operating under the Peel Logistics brand, the venture will be seeded with capital from both partners and will target the development of logistics facilities for long-term ownership.

In order to achieve its £1bn target it will seek funding from institutional investors.

Peel Logistics has already submitted plans for a 175,000 sq ft speculative development at Liverpool International Business Park as well as another 280,000 sq ft scheme at Port Salford.

Both schemes are well positioned to benefit from Peel Ports’ £300m investment in the new Liverpool2 deepwater container terminal at the Port of Liverpool, which is expected to drive additional demand for logistics space in the North West.

Macquarie Capital’s property business has a strong track record in the logistics sector globally, operating as a financial adviser, capital arranger and principal investor.

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.”

The venture will initially concentrate on an existing portfolio of sites totalling 250 acres at multiple locations, including Liverpool International Business Park, Port Salford, Robin Hood Airport, and Knowsley.

Source: LiverpoolEcho