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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
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Share Price: 218.65
Bid: 218.70
Ask: 218.75
Change: -0.45 (-0.21%)
Spread: 0.05 (0.023%)
Open: 218.25
High: 219.50
Low: 218.20
Prev. Close: 219.10
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UPDATE 1-Center Parcs owner Blackstone picks banks for 2.5 bln stg London listing - sources

Tue, 17th Feb 2015 15:24

(writes through, adds details)

By Andrew Winterbottom and Anjuli Davies

LONDON, Feb 17 (Reuters) - U.S. private equity groupBlackstone has hired Bank of America Merrill Lynch andMorgan Stanley as global coordinators to prepare apotential London listing of British-based resorts group CenterParcs, two sources familiar with the matter said on Tuesday.

Barclays and Deutsche Bank were alsochosen to work on the listing, which would value the company ataround 2.5 billion pounds ($3.8 billion), one of the sourcessaid, speaking on condition of anonymity because the matter isprivate.

In September, the private equity firm hired Rothschild toadvise on its options for the resorts group, including apossible sale, floatation or refinancing ahead of a listing.

One of the sources said a decision has yet to be taken onthe timing of any potential initial public offering.

Sky News, which first reported news of Blackstone's hiringof the banks, also said Blackstone had rejected a joint takeoveroffer for the company three months ago from private equity firmBC Partners and the Canada Pension Plan (CPP), valued at 2billion pounds.

Center Parcs, which Blackstone has owned since 2006, runsfive holiday resorts in British forests, offering activitiesranging from badminton to horse riding alongside spa packages.

Set up in the Netherlands in the 1960s as a "villa in theforest" retreat, the Center Parcs brand can also be found acrossEurope, under different ownership, with resorts in France,Holland and Germany.

The first UK site was opened in 1987 and the resorts groupwent on to be listed in 2003 on London's AIM (AlternativeInvestment Market) by then-owners Deutsche Bank Capital Partnersbefore moving to the main London market in 2005.

Following Blackstone's acquisition in 2006 for 205.4 millionpounds, the private equity firm invested 100 million pounds intothe resorts and issued a 1 billion-pound refinancing package in2012.

Center Parcs generated EBITDA (earnings before interest,tax, depreciation and amortisation) of 146.8 million pounds,according to its 2014 annual review.

Blackstone, Morgan Stanley, Bank of America Merrill Lynchand Deutsche Bank declined to comment. Barclays and Rothschildwere not immediately available for comment. ($1 = 0.6518 pounds) (Reporting By Andrew Winterbottom; Editing by PamelaBarbaglia/Ruth Pitchford)

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