Center Parcs sold to Canadian listing giant

June 2, 2015 in Property News from iMove Spain Mallorca Real Estate Website
Center Parcs sold to Canadian listing giant

Blackstone is believed to have put a £2.5bn price tag on Center Parcs 

Canadian listing giant Brookfield has bought Center Parcs, ending a battle for the holiday parks business and scotching a potential float.

Private equity giant Blackstone was understood to be considering both an initial public offering and a sale of the company, which runs five resorts in the UK, and is thought to have put a £2.5bn price tag on the business.

It announced on Tuesday that Brookfield had bought the holidays firm for an undisclosed sum. The Canadian business is believed to have seen off other suitors in an auction that is thought to have included American listing group Starwood Capital, buyout group CVC, and Canadian pension fund CPP.

Ric Clark, chief executive officer of the listing group, said: “To date, Brookfield Property Group’s investment activity in the UK has focused primarily on the office and logistics market; however, our global portfolio has always encompassed a broader mix of asset types including listing deriving its returns from leisure activities.

“Center Parcs’ villages are high-quality, popular short break destinations for friends and families, with loyal guests and outstanding service.

“Although these resorts are already producing steady streams of cash flow supported by nearly full occupancy year-round, we see compelling opportunities to grow the business and enhance our investment returns.”

Gerry Murphy, chairman of Blackstone, said: “Having bought Center Parcs in 2006 and invested in its growth, it has been an excellent investment for us. We are sure that it will go on to even greater success under new ownership.”

Source: International Property News

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