Davidson Kempner has fought off competition from Centerbridge to buy the £500m NCP portfolio.
Blackstone and Royal Bank of Scotland put the 88 car parks up for sale in May and Centerbridge had been convinced it had secured the deal last month but was ultimately unsuccessful.
A consortium of PGIM Real Estate, Delancey and First Alliance Properties had also previously been in the running while Angelo Gordon and Apollo also showed initial interest.
The assets are the last in the Isobel workout vehicle established by Blackstone and RBS in 2011, which contained £1.4bn of distressed loans issued by the bank.
Blackstone has been managing the vehicle, with 75% of the proceeds from sales returned to RBS and the remaining 25% split between Blackstone and other lenders to the structure.
Some of the most valuable assets in the original 127-strong NCP portfolio have already been sold. These included a car park on Carrington Street, W1, with potential for a £500m redevelopment project. It was bought by the Reuben brothers last year for £75m.
The portfolio was held previously in a special-purpose vehicle called Powerfocal, owned by a consortium of investors fronted by Delek Global Real Estate.
Knight Frank is acting for Blackstone and RBS; Cushman & Wakefield is advising Davidson Kempner; CBRE and Goldman Sachs was advising Centerbridge; JLL was acting for PGIM; Savills was advising Delancey.
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