Brookfield Property Partners has bought UK holiday resort business Center Parks from Blackstone.
Center Parcs UK operates five holiday destinations and the acquisition is reported to have cost the Canadian fund manager £2.4bn (€3.27bn).
The UK company, based on holiday concept started in the Netherlands, was being managed by Blackstone’s private equity and real estate businesses.
It is the first major deal outside the office and logistics sectors in the UK for Brookfield.
Ric Clark, CEO of Brookfield Property Partners, 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 property deriving its returns from leisure activities.”
Martin Dalby, CEO of Center Parcs, said: “Brookfield has demonstrated a real understanding of our business and I am absolutely convinced that we can work together to achieve our strategic goals.”
Center Parcs UK’s occupancy levels have averaged approximately 97% over the past five years.
Gerry Murphy, chairman of The Blackstone Group International Partners, said: “Having bought Center Parcs in 2006 and invested in its growth, it has been an excellent investment for us.”
Center Parcs operates five short break destinations across the UK: Sherwood Forest, Nottinghamshire; Elveden Forest, Suffolk; Longleat Forest, Wiltshire; Whinfell Forest, Cumbria and Woburn Forest, Bedfordshire. Each destination is surrounding by 400 acres of protected and enhanced woodland.