Peel’s proposed takeover of facilities group Pinewood Shepperton is being investigated by the Office of Fair Trading.
Peel Holdings offer of £96.1 million for the facilities group was accepted by the company’s directors at the end of April.
Peel, the developer of the MediaCityUK site in Manchester, already has a 30% stake in the Pinewood group.
A spokesman for the OFT said that the investigation would assess the competitive outcomes of the deal.
As well as considering if the deal would result in a “substantial lessening of competition”, the probe will look at whether or not the UK turnover of Pinewood exceeds £70million, or if as a result of the transaction a 25% share of supply in the UK is created.
Possible outcomes from the investigation include passing the case to the Competition Commission. The OFT will make a decision on 21 June.