Freshfields Bruckhaus Deringer has advised investment firm Blackstone on the sale of Center Parcs UK by funds managed by Blackstone’s private equity and real estate businesses to funds managed by Brookfield Property Partners L.P. The firm has also advised Center Parcs on a £490 million refinancing solution.

The sale is expected to complete by the end of July. The £490 million issuance of Class A Notes will be used to refinance Class A1 Notes and a credit facility that Center Parcs entered into in connection with the development of its Woburn Forest holiday village, which opened in June 2014.

The Freshfields team was led by corporate partner David Higgins and senior associate James Scott. Partner Jill Gatehouse and senior associate Claire Osborne advised on tax issues, alongside partner Alex Watt and senior associate Emily Meredith Hardy advising on real estate matters. Pensions and employment advice was provided by partner Nick Squire and senior associate Susan Doris-Obando. Partner Winfred Knibbeler and senior associate Paul Van Den Berg advised on antitrust. Partners Simone Bono, Marcus Mackenzie and Michael Steele and senior associates Helen Jones and Sebastian Fitzgerald advised on financing aspects.

Partners Marcus Mackenzie and Simone Bono and senior associate Helen Jones advised on the refinancing. Finance partner Duncan Kellaway also advised.David Higgins commented, ‘We are delighted to have advised Blackstone on the sale of Center Parcs, which represents a very successful culmination of their long term strategic investment. The successful execution of this important deal, and the refinancing we undertook for Center Parcs are further evidence of our market leading teams across M&A and finance.’