TwentyTwo Real Estate, an independent European real estate investment and management firm, has announced the acquisition of Center Parcs Allgäu in Germany, one of the largest and most recent Center Parcs in Europe.
Financial details were not disclosed, but the deal is said to be the largest single-hotel transaction so far this year.
The acquisition was made by TwentyTwo Real Estate Fund III from Lagune International, an investment vehicle managed by Batipart, and includes 750 of the site's 1,000 cottages as well as the main sports and leisure facilities.
Strategically located in South-West Germany, close to the three major urban areas of Munich, Stuttgart and Zurich, this new-generation park, which opened in 2018, spans 184 hectares in an area of outstanding natural beauty. The site is leased and managed by the Pierre & Vacances Center Parcs group.
With this acquisition, TwentyTwo Real Estate is 'continuing its pan-European growth by investing in a resilient sector with excellent growth prospects', the firm said. The company aims to capitalise on long-term trends such as the growing demand for staycations in unique sites immersed in nature.
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[1]. This acquisition is also the largest single-hotel transaction in Europe so far this year.'
Louis Bayon, managing director of real estate at Batipart, added: '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.'
