Rothschild has landed its first role advising Nikko Principal Investments, the investment arm of the Japanese bank, in what is expected to be a £500m (€738m) sale of PD Teesport, its UK industrial ports business.

A spokesman for Nikko said Rothschild had been hired to "test the water" and look at possible options. It is understood that neither flotation nor recapitalisation are being considered.