Cinven has asked Citigroup to advise on a possible £500m sale or refinancing of its NCP business.
NCP has 600 car parks. A £600m sale and leaseback for more than 100 of them took place in 2003. It owns a property portfolio of 170 long-leasehold car parks thought to be worth nearly £400m.
The Financial Times says property development opportunities mean several private equity firms are expected to be attracted to the business as well as property companies.
References: Financial Times 11/04/05 page 24, page 25 (The Weekend Papers), The Guardian 11/04/05 page 23 (Monday briefing), The Daily Telegraph 11/04/05 page 28
