The Peel Group has signed a joint venture agreement with Chinese investor The Sam Wa Group to construct the Peel International Trade Centre (Peel ITC).
An official signing ceremony took place on 28th May 2012 at the Beijing State Guest House with representatives from UK Trade and Investment, the China Ministry of Commerce and Wirral Council in attendance. Also present at the signing was Lord Green, UK Minister of State for Trade and Investment David Percival, Chief Executive of the British Consulate General in China.
The Peel ITC will enable wholesale trading companies from around the world to enter the European marketplace. The £175m four-phased development totalling in excess of 2.5m sq ft is aimed at enabling up to 1,000 companies from China, India, South Korea and other emerging economies to exhibit, sell, assemble and distribute their goods into the UK.
Lindsey Ashworth, Director of Developments at Peel said, “We have established an excellent relationship with our business partner in China, The Sam Wa Group. The signing of our joint venture agreement is a significant leap forward in delivering this project. We have already obtained letters of intent from Chinese businesses securing 36% of the 668,000 sq ft first phase of the project, and this is before actively marketing and promoting the Peel ITC in China.”
Stella Shiu, Chairman of The Sam Wa Group said: "This is a big move forward as we have been able to demonstrate national and local Chinese government support as well as support from businesses and academics. The timing of this project is excellent as Chinese businesses are being encouraged by our government to move out and invest overseas. This success will make our vision a reality."
Cllr Phil Davies, leader of Wirral council, said after the signing in Beijing: "I spoke to over 100 Chinese businesses who are already demonstrating real commitment to locating in Wirral. This demonstrates our ambitions for proactively pursuing Chinese investment and will yield direct benefits for our local economy and the people of Wirral.”