In this paper we investigate the parabolic-hyperbolic formulation of the vacuum constraint equations introduced by R{\'a}cz with a view to constructing multiple black hole initial data sets without spin. In order to respect the natural properties of this configuration, we foliate the spatial domain with 2-spheres. It is then a consequence of these equations that they must be solved as an initial value problem evolving outwards towards spacelike infinity. Choosing the free data and the "strong field boundary conditions" for these equations in a way which mimics asymptotically flat and asymptotically spherical binary black hole initial data sets, our focus in this paper is on the analysis of the asymptotics of the solutions. In agreement with our earlier results, our combination of analytical and numerical tools reveals that these solutions are in general not asymptotically flat, but have a cone geometry instead. In order to remedy this and approximate asymptotically Euclidean data sets, we then propose and test an iterative numerical scheme.