Pierre & Vacances Web Site - September 29, 2003
On September 26th 2003, Pierre & Vacances acquired the stake held by MidOcean in Center Parcs Continental Europe, becoming the exclusive owner of the entity. The Group thus reinforces its European leadership in leisure residences with a turnover of E1.1 billion.
Prior to the deal, and in accordance with the Group's policy of not owning the freehold of the property assets under its management, Center Parcs Continental Europe sold the eight Center Parcs villages on which it owned the freehold.
The sale of 7 villages was finalised on September 26th 2003 with Nomura International plc for a total amount of E440 million (E415 million net of costs and tax). In addition, a consortium led by the Dutch company Zeeland Investments Beheer agreed to acquire another village in the Netherlands for a price of E90 million (E80 million net of commissions and tax). This sale should be done by the end of October 2003.
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Wednesday, October 01, 2003
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