The £801m sale of National Parking Corporation to Cendant could trigger massive disposals as the American consumer services giant moves to off-load NPC’s property assets valued at over £400m
Bob Mackenzie, chief executive of NPC said: “We have a valuable portfolio of city centre sites and Cendant is not a company which keeps hard assets on its balance sheet.”
The 500 properties of which 354 are owned freehold or on long leases could be securitised or sold in a massive sale and leaseback.
Cendant is unlikely to retain property ownership of the car parks, instead focusing its core business on car park ticketing and cross selling services and franchises it already owns such as Avis car hire. NPC also owns the fast growing Green Flag break down recovery network.
EGi News 26/03/98
