Peel to launch logistics division
THE Peel Group will use next month’s international property convention MIPIM to unveil a new logistics division designed to capitalise on the recovering market for industrial space.
According to Property Week, which has spoken to Peel development manager Matt Fitton, Peel will pool its industrial sites with those owned by Peel Ports and Harworth Estates to create Peel Logistics.
The division will have the biggest logistics development land bank in the UK with 5,674 acres and a potential developed value of £4bn.
Half is owned by John Whittaker’s Peel Group, with Peel Ports and Harworth each contributing 25%. The land could accommodate 60m sq ft of warehousing and distribution space.
Manchester-based Peel Group owns a 51% stake in Peel Ports, which operates docks at Liverpool, Glasgow and Chatham, and around 30% of Harworth Estates, which was formerly UK Coal’s property division. Peel Ports’ other shareholder is RREEF, part of the Deutsche Bank Group, which acquired its stake in 2006.
Mr Fitton, who will lead the new division, told Property Week that Peel is in the process of acquiring further sites in the North West. Peel Logistics will concentrate on pre-lets.
He said: “The market for design-and-build sheds is coming back and, as the largest single owner of logistics, land we need to make sure our offer is ready to go and marketed correctly.”
