Pierre & Vacances Planning Sale Leaseback of Four Holiday Villages in Belgium

Pierre & Vacances Web Site - April 20, 2007

Pierre & Vacances Group has reached an agreement to acquire Belgian group Sunparks. The acquisition fits entirely with the core focus of the development strategy in place at Center Parcs Europe by bolstering its positions, adding four holiday villages similar to Center Parcs, in the three/four star category in Belgium.

Sunparks owns the freehold and operations of four holiday villages similar to Center Parcs, in thethree/four star category. Two villages are located in seaside resorts in the North Sea, one in the Ardennes region and one in Campine. The group offers a total of 1,683 cottages and 50 hotel rooms as well as a number of covered central facilities (aqua-centre, restaurant, supermarket, childrens’ play centres etc.), and open-air sports complexes.

Center Parcs Europe currently operates 16 villages, 12 of which in the five-star category and four in the three/four-star category.

The acquisition of Sunparks is based on an enterprise value (including debt) of €150 million. In line with the group’s policy not to own the assets it operates, the Sunparks assets are likely to be sold off before the end of the year as part of a sale and lease-back operation currently being negotiated. Sphere: Related Content