Sovereign wealth fund to be in talks for joint S$6.84 billion bid for UK holiday resorts Center Parcs — Sky News Report
SINGAPORE: Government Investment Corporation (GIC) is said to be in talks for a joint £4 billion (S$6.84 billion) bid for Center Parcs with private equity investor KSL Capital Partner, according to a June 14 (Wednesday) news report. Center Parcs is the largest chain of upmarket holiday resorts in the United Kingdom.
Sky News said that GIC, one of the biggest wealth funds in Asia, already expressed an interest in the company back in 2015, when it made an offer together with CVC Capital Partners, said to be another bidder in an auction to be taking place next week.
Other bidders include Antin, a private equity firm based in Paris, France, focusing on infrastructure investments.
Private equity firm Blackstone, which owned Center Parcs from 2006 to 2015, is reportedly considering a bid to re-acquire the firm.
Blackstone sold Center Parcs to Canada’s Brookfield Property Partners for an alleged £2.4 billion (S$4.1 billion) in 2015.
Brookfield has hired Bank of America, Barclays, and Eastdil Secured to manage the sale, which was announced last month with a price range between £4 and £5 billion (S$6.8 and 7.7 billion).
The brand is well-known in the UK, with millions visiting Center Parcs’ five sites each year in Britain and at its newly-acquired property in Ireland, Longford Forest.
Families have several leisure and adventure activities at the brand’s holiday villages, from water sports to horse riding, and spa packages are also offered for adults.
Sky News added that Center Parcs has “enjoyed buoyant trading” since lockdowns were imposed during the Covid-19 pandemic.
Center Parcs’ history began in the Netherlands in 1968, where its first holiday village began. Center Parcs Europe, however, is separately owned and operates 26 Center Parcs resorts and 2 Sunparks resorts across the Netherlands, Germany, France and Belgium.
The Independent Singapore has reached out to GIC for comment. /TISG
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