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Blackstone to sell European vacation resorts for $1.1b
Transactions - JULY 15, 2019

Blackstone to sell European vacation resorts for $1.1b

by Andrea Zander

Blackstone Group is reportedly in talks to sell a portfolio of Center Parcs Europe vacation resorts to German real estate company Aroundtown SA, reported Bloomberg.

The sales price was estimated to be $1.1 billion for seven properties that are operated by Pierre & Vacances SA.

“Aroundtown’s acquisition activities strongly support the quality of the portfolio and fit to the company’s value-creation strategy with a focus on the office and hotel segments, mainly in Germany and the Netherlands,” the firm stated in the report.

Blackstone acquired the resorts in Belgium, the Netherlands and Germany for about €630 million ($710 million) in 2006 from Pierre & Vacances, which also owns and operates other Center Parcs sites in continental Europe. ​

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