Blackstone sells Butlin’s real estate sites for £300m

Blackstone-owned Bourne Leisure Group has completed the sale of the real estate assets of holiday resort operator Butlin’s for approximately £300 million to of the Universities Superannuation Scheme (USS), the UK’s largest private pension scheme.

The transaction, via its in-house private markets team at USS Investment Management (USSIM), covers the three Butlin’s sites at Skegness, Minehead and Bognor Regis.

Sky News has also reported that Blackstone is also holding talks with at least one interested party about the sale of the Butlin’s operating business.

Gowling and Cushman & Wakefield advised USS and Eastdil and DLA advised Blackstone.

What they said

Mike Powell, head of private markets group at USSIM said: “We are very pleased to conclude this acquisition. Butlin’s is a much-loved British insitution and this acquisition represents a siginficant investment in its future whilst providing the long term cashflows that USS needs to pay the pensions promised to our members.”