Peel sells stake in airport portfolio

PEEL Holdings, the privately-owned property and investment company, has sold a 65% stake in its airports division to Canadian company Vancouver Airport Services.

Peel’s loss-making airports business includes Liverpool John Lennon Airport, Robin Hood Airport Doncaster Sheffield and Durham Tees Valley Airport.

No price was disclosed but sources close to the situation said the transaction values Peel Airports at around £175m. A deal has been in the offing for around a year.

Law firm Eversheds’ Manchester advised Vancouver Airport as the buyer with a team led by Daniel Hall (corporate) and Phillip Tunney (property).

The firm’s Manchester office also advised Barclays Bank with a team led by Nigel Dale.

Deloitte’s Manchester-based transaction services team advised Vancouver Airport with a team led by Richard Bell.

Rothschild Leeds and Manchester advised Peel with a team let by Stephen Griffiths and Lauren Beggs.