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 拢2.4bn (鈧�3.27bn).
The UK company, based on holiday concept started in the Netherlands, was being managed by Blackstone鈥檚 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: 鈥淭o date, Brookfield Property Group鈥檚 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.鈥�
Martin Dalby, CEO of Center Parcs, said: 鈥淏rookfield has demonstrated a real understanding of our business and I am absolutely convinced that we can work together to achieve our strategic goals.鈥�
Center Parcs UK鈥檚 occupancy levels have averaged approximately 97% over the past five years.
Gerry Murphy, chairman of The Blackstone Group International Partners, said: 鈥淗aving bought Center Parcs in 2006 and invested in its growth, it has been an excellent investment for us.鈥�
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.
