Aroundtown buys Center Parcs for €900mn


Aroundtown has announced the signing of properties located in Germany, the Netherlands and Belgium for €900mn. According to Aroundtown, the deal reflects an acquisition-multiple of 16 and has an upside potential for an unlevered long term yield to 7%.No further details were given, but two persons familiar with the transaction told TD that it involved the purchase of seven Center Parcs holiday villages from Blackstone. The transaction is expected to be completed by the end of the year. Center Parcs are resorts operated by the Dutch chain of the same name which was acquired by the French tourism company Pierre et Vacances.

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