Blackstone fills last two spaces in the NCP carpark race

Just two players are left battling it out for the £500m fleet of properties

The world’s biggest real estate private equity firm Blackstone has whittled down the competition to buy its portfolio of 88 NCP carparks.

Just two players are left battling it out for the £500m fleet of properties, which includes some choice resi-development prospects. It’s understood that US private equity firm Centerbridge Partners is in pole position after making an eleventh-hour approach, with Davidson Kempner Capital Management also still in the running.

The jewel of the portfolio – the half-acre Carrington Street carpark in Mayfair, billed as a “once in a lifetime” luxury development opportunity – was sold to the Reuben brothers at the end of last year for something in the £70m ballpark. It’s likely to have a post-development value touching £500m.

A consortium of PGIM Real Estate, Delancey and First Alliance Properties was previously in talks to acquire the NCP lots, but it sounds like they’ve now dropped out.

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