By Jonathan Davies
Activity based holiday company Center Parcs has been sold to a Canadian investment firm for a reported £2.5 billion.
American private investment firm Blackstone had owned Center Parcs, which has five locations in the UK, since 2006 but had long been looking to offload it.
Ric Clark, chief executive officer of Brookfield Property 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 property 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."
Reports had suggested that Blackstone could've opted for an IPO to sell shares, but it instead chose to sell the company to Canadian private investment firm Brookfield.
Last year Center Parcs reported pre-tax profits of £147m, up from £140m a year earlier.