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MidOcean Partners sells Center Parcs Europe for E270m

MidOcean Partners has sold its 46 per cent stake in Center Parcs Europe to French holiday group Pierre & Vacances for E270m. Together with E350m of debt, the transaction gives Center Parcs Europe an enterprise value of over E950m.

Pierre & Vacances has agreed to raise E530m via a sale and leaseback of eight of Center Parc Europe's freehold properties. The capital raised will pay down debt and fund the purchase of MidOcean's stake, according to a report by Reuters.

Center Parcs Europe manages 15 holiday villages in the Netherlands, France, Belgium and Germany and has a turnover of E525m. MidOcean retains the full capital of Center Parcs UK.

MidOcean was spun out as an independent entity from DB Capital Partners, the private equity group of Deutsche Bank, earlier this year by the management with the backing of a string of institutional investors. The firm currently manages around $3bn of private equity assets.

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