RBS ‘to offload NCP car parks’ in £500m deal

RBS declined to comment on the reported sale of car parks business NCP. Picture: Jayne Emsley

RBS declined to comment on the reported sale of car parks business NCP. Picture: Jayne Emsley

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Royal Bank of Scotland and US private equity firm Blackstone are close to a £500 million deal to offload a group of NCP car parks they co-own, it has been reported.

The mooted transaction, seen as further evidence of post-Brexit investor confidence, is thought to see US hedge fund Davidson Kempner acquiring the 88 sites.

The locations, including profitable car parks at Heathrow and Birmingham airports and others that could be turned into residential or commercial property, form part of a portfolio owned 75 per cent by Royal Bank of Scotland and 25 per cent by Blackstone. The deal is said to be brokered by commercial property and real estate services adviser CBRE.

RBS declined to comment. It revealed last month that its losses rocketed to £2.04 billion in the first six months of this year but added that it was making “good progress” after passing the midway point of its latest five-year turnaround plan.

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