Freshfields and Mayer Brown check in for £2.5bn Center Parcs sale
Travers Smith picks up role for management as holiday parks chain sold to Canadian investment group
June 02, 2015 at 08:33 AM
2 minute read
Freshfields Bruckhaus Deringer and Mayer Brown scored lead roles as holiday resort operator Center Parcs was acquired by Canadian investment group Brookfield today for an estimated £2.5bn.
Former Center Parcs owner Blackstone had considered floating the chain of resorts last year, but instead opted to sell the business.
Freshfields advised buyout house Blackstone on the sale, while Mayer Brown acted for Brookfield.
Corporate and securities partner Jeremy Kenley led for Mayer Brown, with tax partner Sandy Bhogal and real estate partners Jeremy Clay and Andrew Hepner also advising.
A Travers Smith team led by senior partner Chris Hale acted for Center Parcs' management on the deal.
Tax advice to management was provided by head of tax Kathleen Russ, while corporate finance partner Adrian West advised management on the aborted initial public offering process.
Blackstone first acquired Center Parcs in successive deals totalling £1.1bn in 2006, turning to Ashurst for advice on its original purchase.
Since then, the chain has grown to host almost two million guests a year across its five locations, with an average occupancy of 97% across the group.
Brookfield made another significant UK investment earlier this year after teaming up with the Qatar Investment Authority to take ownership of the Canary Wharf financial district.
On that mandate Brookfield drafted in a Linklaters team led by former real estate M&A head Matthew Elliott (now at Kirkland & Ellis).
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