Royal Bank of Scotland (RBS) is poised to exit from NCP, the UK's largest car park operator, following a complex property transfer and leaseback deal worth £600m (€852m). The deal, which is likely to be completed in November subject to conditions, involves the transfer of a property vehicle containing 100 NCP carparks to an Israeli consortium, whose investors include the De Lek group.

De Lek won a long-running sale despite stiff competition from Robert Tchenguiz, chairman of the Rotch Property Group and co-founder of Aletheia Partners. According to sources familiar with the deal, Tchenguiz was close to winning the auction but ran out of time after a financing package, understood to have come from the government of Quatar, fell through.