TwentyTwo Real Estate has acquired Center Parcs Allgäu in Germany for an undisclosed sum from an investment vehicle managed by Batipart.

The European real estate fund manager’s TwentyTwo Real Estate Fund III and its affiliates have bought the holiday park which includes 750 of the site’s 1,000 cottages as well as the main sports and leisure facilities from Lagune International.

Opened in 2018, Center Parcs Allgäuh is situated on 184 hectares of land.

Daniel Rigny, founder and CEO of TwentyTwo Real Estate, said: “This investment underlines our strong interest in leisure and destination hospitality, in particular in positive-impact tourism assets with a leading position in their local market.

“We are delighted to have acquired the major part of this property, which is Germany’s leading branded hotel by revenue. This acquisition is also the largest single-hotel transaction in Europe so far this year.”

Louis Bayon, managing director of real estate at Batipart, said: “Lagune International has supported the Pierre & Vacances Center Parcs group, a long-term partner of the Batipart group, in its development in Germany since 2017, in particular with the construction of its landmark asset in Europe, Center Parcs Allgäu. Batipart wishes to crystallise its value creation today with this sale.”

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics