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News Release

London

JLL Automotive comments on acquisition of NCP by Park24


​​​London, 17th July 2017 -   Commenting on the sale of a holding in National Car Parks (NCP) to Park24, Paul Gallagher, Consultant in JLL's Automotive team, said: "This is an interesting move by Park24 who already control car parking  assets in  Japan, Australia, New Zealand, Malaysia, Indonesia and India and this represents their first step into establishing a major European  presence. This will also mean that NCP will be part of a global car parking operator and will benefit from the technological and data best practice that this will bring, potentially leading to the portfolio being upgraded and invested in.  Park24 has been forward thinking and invested in IT, developing an online parking system and any boost to technology across UK car parks will be good news for property owners. A recent survey we conducted highlighted that whilst income to car parks via debt or credit cards doubled between 2014 and 2016, only 29% of car parks have installed contactless payment highlighting that more can be done to maximise revenue and improve the customer experience.

"This deal, following on from the recent purchase of an NCP portfolio by American investors Davison Kempner, highlights a growing appetite from overseas investors for the UK parking sector. There is a large amount of scale in the car parking and automotive sector as a whole and as such many opportunities for investors."