Canadian group Brookfield Property Partners has agreed to acquire the UK holiday resort Group Center Parcs from funds managed by Blackstone’s private equity and real estate businesses.

Canadian group Brookfield Property Partners has agreed to acquire the UK holiday resort Group Center Parcs from funds managed by Blackstone’s private equity and real estate businesses.

Although financial details were not disclosed, press reports put the deal price at roughly £2.4 bn (€3.3 bn). The transaction is due to complete by the end of July.

Center Parcs UK, a separate entity to Center Parcs Europe, 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 Center Parcs is nestled within around 400 acres of protected and enhanced woodland.

Blackstone spent £1.1 bn to buy the business in 2006 and has since managed to boost occupancy levels to an average of 97% over the last five years.

'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,' said Ric Clark, Chief Executive Officer of Brookfield Property Group.

Gerry Murphy, chairman of The Blackstone Group International Partners, added: '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.'

Rothschild, Bank of America Merrill Lynch and Morgan Stanley acted as advisors to Blackstone.