Blackstone has completed a £1bn refinancing of Center Parcs a year after buying the village holiday business. Daily Telegraph

At the time of Blackstone’s £265m purchase last May, Center Parcs did not own its own property. It had previously carried out a 20-year sale and leaseback to Hugh Osmond’s Sun Capital in 2002.

But even before Blackstone completed its takeover of Center Parcs, it was in talks to fund the £825m reverse sale and leaseback of the company’s four holiday parks.

The refinancing will be used to pay down debt and create a capital expenditure fund for Center Parcs.