Peel secures £450m refinancing of ports, property

Peel Holdings has refinanced two of its subsidiaries in separate deals with a range of banks.

Lloyds TSB led a syndicate of five banks in offering facilities of up to £250m to Peel Land Holdings. In the second deal, Bank of Scotland extended a facility of up to £202m to Peel Land and Property (Ports No. 3).

Legal adviser Addleshaw Goddard said the refinancing work was a fundamental part of Peel's re-organisation of its property assets and group of companies.

Addleshaw's Manchester-based banking team was led by partner Helen Corner and managing associate Tim McNamara with legal director Richard Chandler and trainee Martin Eid. Real estate advice was provided by partner Jenny Cromack and associate Sarah Creasey.

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