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Ivanhoé Cambridge, Peel Logistics form £1B UK logistics JV

Ivanhoé Cambridge partnered with Peel Logistics Property to form a joint venture that will invest in high-quality U.K. logistics properties.

The capital investment in the Peel Logistics Property UK Logistics Venture is said to be about £1 billion, including equity and debt, according to PERE News.

Ivanhoé owns 80% of the venture, with Peel Logistics Property making a 20% co-investment. The venture will focus on development, value-add and core investments in key logistics hubs across the U.K. It will have an initial portfolio of three properties recently constructed by Peel Logistics in Manchester and Liverpool, and a prime development site in Sheffield that can accommodate more than 800,000 square feet of lettable space, according to a Nov. 27 release.

SNL Image
Place Ville Marie in Montreal
Source: Ivanhoé Cambridge

In Canada, Ivanhoé said in a separate Nov. 23 release that it is investing C$200 million to overhaul the Esplanade and renew Place Ville Marie's commercial offering in downtown Montreal. The renovation is part of Projet Nouveau-Centre, Ivanhoé's initiative to invest C$1 billion in the city that also includes the Fairmont The Queen Elizabeth, Maison Manuvie and Montreal Eaton Centre projects.

Macquarie Capital (Europe) Ltd. advised Peel Logistics on the creation of the U.K. joint venture.