Home Invest Belgium, Belfius Insurance, the listed infrastructure investor TINC and the infrastructure fund DG Infra Yield have closed, together with a French partner, the acquisition of Sunparks De Haan.

The transaction, which was announced in October 2018, consists of the acquisition of 51.43% of the shares in Sunparks De Haan NV by Home Invest Belgium, Belfius Insurance, TINC and DG Infra Yield through a newly incorporated company, of which they respectively hold 50%, 25%, 12.5% and 12.5% of the shares.

The remaining shares in Sunparks De Haan NV have been acquired by a French equity fund, managed by Atream, a French real estate asset and fund manager.

Sunparks De Haan NV is the owner of the touristic leisure facility with shared infrastructure located in De Haan, western Belgium. With a unique location near the seaside, the leisure complex will be thoroughly renovated and operated for a fixed initial period of 15 years by Sunparks Leisure NV (part of the holiday group Pierre & Vacances) based on an index-linked ‘triple net’ agreement.

The transaction value is in line with the fair value as determined by real estate advisor CBRE and amounts to ±EUR75 million (US$86.0 million) (after renovation) for the Belgian partners, and is financed through a combination of shareholders’ equity and bank financing. The complex will be fully renovated and upgraded to a Center Parcs village.