PLP and Ivanhoé Cambridge establish UK logistics venture
PLP and Ivanhoé Cambridge are pleased to announce the establishment of the PLP UK Logistics Venture (UKLV).
Key highlights of the transaction include:
– UKLV will have significant investment capacity for high quality UK logistics property assets
– Strategy will focus on institutional quality developments in key logistics hubs across the UK
– Initial portfolio comprises three properties recently developed by PLP in Manchester and Liverpool and a prime development site in Sheffield with capacity for over 800,000 sq ft of lettable space
– Ivanhoé Cambridge owns 80% of UKLV, supported by a 20% co‐investment by PLP.
Jeremy Greenland, PLP’s CEO, said: “We are very pleased to launch PLP’s first investment venture and create this new partnership with Ivanhoé Cambridge. With significant investment capacity and the ability to pursue development, value‐add and core investments, UKLV will be well placed to capture the opportunities and strong long‐term dynamics we see in the UK logistics property sector.”
Arnaud Malbos, Senior Vice President, Investments, Ivanhoé Cambridge Europe, added: “This new partnership with PLP in the UK confirms Ivanhoé Cambridge’s commitment to increasing its investments in logistics property globally. We are pleased to be working with the PLP team and have great ambitions for the venture.”
Macquarie Capital (Europe) Limited advised PLP on the establishment of UKLV.