Brookfield-Managed Fund to Buy Center Parcs From Blackstone

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Canada’s Brookfield Property Partners LP has agreed to buy British holiday-resort operator Center Parcs from Blackstone Group LP.

The terms of the deal weren’t disclosed, although people with knowledge of the matter said last week that the offer was about 2.4 billion pounds ($3.7 billion).

Brookfield’s offer topped bids from others, including groups led by Canada Pension Plan Investment Board and CVC Capital Partners, the people said last week.

The acquirer is a publicly traded subsidiary of Brookfield Asset Management Inc., Canada’s largest alternative asset manager.

Center Parcs runs five resorts in the U.K. that include hotels and countryside activities from sailing to swimming. The company reported revenue of 314.6 million pounds in the year to April 2014, according to its annual review.

Reports of takeover bids for Center Parcs have circulated since last year. The resort company in March said it was considering “strategic and financing options which may include private or public equity or debt capital markets.”

Brookfield, which oversees $207 billion in assets, already has similar resort properties in its portfolio including the Atlantis Paradise Island Resort in the Bahamas and the Hard Rock Hotel and Casino in Las Vegas.

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