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Article: NCP sold for [pounds sterling]550m as 3i parks in winners' space.
- Article from:
- The Evening Standard (London, England)
- Article date:
- July 12, 2005
CopyrightCOPYRIGHT 2005 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: NICK GOODWAY
BRITAIN'S biggest car park operator, NCP, is set to be sold to venture capital group 3i for some [pounds sterling]550 million.
The deal comes after one of the most hotly-contested private equity auctions of the year, which saw investment bank Citigroup attract more than 20 initial expressions of interest when the bidding began three months ago.
Cinven, which bought NCP for [pounds sterling]820 million in 2002, is thought to have trebled the return on its equity investment. It sold a large amount of the property in a [pounds sterling]600 million sale and leaseback arrangement with Royal Bank of Scotland in 2003 and has taken ...