Deutsche Bank takes share of Peel Ports

Deutsche Bank takes share of Peel Ports    British real estate, airport and port investment group Peel Holdings, has sold a stake in Peel Ports to RREEF Infrastructure, a subsidiary of Deutsche Bank.
   The parties declined to provide financial details, but media reports suggest the transaction cost RREEF upwards of '700 million ($894 million) for 49 percent of the company.
   Peel Ports has more than 2,200 employees and is the United Kingdom and Ireland's second-largest port operator, handling more than 63 million tons of cargo a year. Its major operations include the Port of Liverpool —    which it acquired last year when it bought the Mersey Docks and Harbour Co. for '771 million ($985 million) — as well as the Manchester Ship Canal and Heysham Port, also in the North West of England; Medway ports in the South East; and Clydeport in Scotland.
   Its other interests include port terminals in Ireland and Wales as well as short-sea operations serving Northern Europe, the North Sea and Irish Sea, a port consultancy with global contracts and logistics operations covering Britain and Ireland.
   Under terms of the deal with RREEF, Peel Holdings will retain non-operational land relating to property development.
   'Peel Ports is a very sound, strategically based business. But with RREEF's added strength and contribution, we can expand and take it forward to new heights,' said John Whittaker, chairman of Peel Holdings.
   'It is no secret that a number of financial institutions and investors have become increasingly focused upon the ports sector in recent months,' said Tom Allison chief executive of Peel Ports. 'We’re confident that we can realize a range of tremendous growth opportunities and are committed to expanding the business. This deal will help accelerate those plans.'
   John McCarthy, head of RREEF Infrastructure Europe said: 'We are very excited to be making the investment in Peel Ports, which is consistent with the partnership model that RREEF is looking to apply in the European marketplace.'
   The transaction, pending approval from the European Commission, is expected to be completed next month.