CVC prepares bid for Blackstone's £2.5bn Center Parcs

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CVC prepares bid for Blackstone's £2.5bn Center Parcs

POSTED 09 Mar 2015 . BY Tom Anstey

Center Parcs Woburn has had a 99 per cent occupancy rate since opening earlier this year Credit: Center Parcs

CVC Capital Partners – one of Europe’s biggest private equity firms – is preparing to bid for the Blackstone-owned Center Parcs, thought to be worth around £2.5bn (US$3.8bn, €3.5bn).

The bid follows an £2bn (US$3bn, €2.8bn) attempt from BC Partners to buy Center Parcs in December. Blackstone rebuffed the bid, saying the offer undervalued the UK-based leisure operator.

Blackstone first purchased Center Parcs in 2006 and is currently exploring a listing on the London Stock Exchange. Blackstone reported 99 per cent occupancy for its newest site in Woburn Forest, Bedfordshire, since opening and is in talks with tourism authorities in Ireland over the construction of a resort there.

According to its annual review, Center Parcs reported earnings of £314.6m (€437.7m, US$475.2m) in the year ending April 2014. Blackstone recently launched the sale of its shares in Merlin Entertainments, with the sale worth £667.6m (US$1bn, €917.6bn).

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PROJECT PROFILE:

Centre Parcs Woburn Forest
Centre Parcs' fifth UK village is now open in Woburn, Bedfordshire The park has a 17,000sq m lake at its heart, and features 625 lodges, a 75 bedroom hotel, an outdoor activity centre, an Aqua Sana spa and the largest of Center Parcs’ Subtropical Swimming Paradises. The swimming complex will be clam-shaped, and will feature three new water rides – Tornado, Twister and Typhoon, which are unique to Woburn Forest.

Location: United Kingdom

RELATED STORIES

Center Parcs owner 'engages banks' on £2.5bn listing
POSTED 17 Feb 2015. BY Jak Phillips

US-based private equity group Blackstone has hired several investment banks to lay the foundations for a £2.5bn (US$3.8bn, €3.4bn) London listing of UK leisure resort chain Center Parcs, according to reports.

Blackstone 'rejects' £2bn Center Parcs bid with plans to float on stock market
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Blackstone – the private equity giant which owns Center Parcs – is believed to have rejected a joint £2bn (€2.5bn, $3.1bn) bid from BC Partners and the Canada Pension Plan (CPP) for the chain of leisure resorts.

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The fifth annual Spa Life UK event will take place on 18-19 November at Center Parcs Woburn Forest, featuring a jam-packed schedule of talks from industry experts.

Center Parcs CEO Martin Dalby calls for overhaul of ‘ridiculous’ UK planning process
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As Center Parcs today opens its new £250m Woburn Forest holiday resort, CEO Martin Dalby has called for the UK government to take the development of major leisure investments more seriously.

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