Centre Parcs for sale at £500m

DEUTSCHE Bank Capital Properties is seeking a buyer for its popular Center Parcs family-holiday indoor resorts for up to £500m through a sale andlease back deal.

The British holiday parks were acquired by Deutsche Bank in conjunction with French holiday company Pierre & Vacances in November 2000. They paid £670m for three parks in the UK and 10 on the Continent. A fourth, Oasis, was acquired nine months later.

The parks, covered by huge heated plastic domes, started a new trend for British holidaymakers, allowing them to enjoy family breaks whatever the vagaries of the British climate. They comprise 1,600 acres of land and 3,000 villas and apartments.

The four holiday parks involved are at Sherwood Forest in Nottinghamshire, Longleat in Wiltshire, Oasis in Cumbria and Elveden in Suffolk. Elveden is out of action at present following a fire last month.

According to Property Week magazine, possible buyers are said to include Royal Bank of Scotland and private property company London & Regional, which tried to buy the business when it was put up for sale by Scottish & Newcastle two years ago.