Regarding SWBKCBs point #2, I get the impression the conversation between Peel Airports and Peel Holdings went something along the lines of:
PA: "Can we have x millions to build hangars, business parks and industrial units"
PH: "How much return are we going to get from this little venture?"
PA: "Well, we're not exactly sure but we are confident we can deliver x amount of profit"
PH: "You'll have to do better than confident, we need guarantees if you want our money...otherwise raise your own"
PA: "Ok that's what we'll have to do then, plan A will be the Regional Growth Fund, and if that fails then Plan B will be housing"