Canary Wharf owner Brookfield buys Center Parcs
After all the effort Brookfield put into buying Songbird, the parent company of Canary Wharf, it's clearly in need of some leisure time: the Canadian investor has just bought Center Parcs from Blackstone.
Read more: Brookfield – Center Parcs' next big owner
Although its price was undisclosed, it is thought Brookfield paid somewhere in the region of £2.5bn for the leisure chain, which operates five "short break" destinations across the UK.
Center Parcs had been exploring a potential IPO, but today its chief executive, Martin Dalby, said Center Parcs "is in very good hands" with Brookfield.
Ric Clark, Brookfield's chief executive, said added that there were "compelling opportunities" around the chain.
“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.”
It's the second high-profile acquisition by Brookfield this year, after it bought Canary Wharf in a joint deal with the Qatari Investment Authority for £2.6bn in a hostile takeover.