CBRE ADVISES PARKDEAN RESORTS ON £1.35BN ACQUISITION
Toronto-based Onex Corporation has completed the acquisition of Britain's biggest holiday parks business, Parkdean Resorts, for £1.35bn.
CBRE advised Parkdean Resorts on all real estate matters throughout the transaction, providing valuation and technical due diligence to support debt financing and helping the company structure the first ground rent portfolio in the sector.
The deal demonstrates growing demand from institutional investors to enter long-dated investment transactions with asset backed operational businesses.
CBRE have been our long-term property advisors and have continued to excel in providing us with outstanding advice and support in relation to all real estate issues across our UK holiday park portfolio.
These deals demonstrate major confidence in the holiday park market and reflect the continuing strong outlook for UK domestic holidays. Both deals were highly competitive with a range of private equity bidders, demonstrating the high level of investor interest in the U.K. operational real estate market and confidence in the future prospects of the leisure sector in a post-Brexit era.
Closure of the Parkdean Resorts transaction marks the completion of the second major investment deal in the sector in recent months, following Park Holidays moving from Caledonia Investments to ICG last month for an enterprise value of £362m.
In 2016 CBRE provided comprehensive advice in respect of circa 50,000 holiday units covering acquisition and disposal, investment advisory, valuation and technical due diligence.