Starwood originates £1.8bn for Blackstone Butlin’s buy
Starwood Real Estate Income Trust has made its first European investment after its parent group originated a £1.8bn loan for Blackstone’s acquisition of UK holiday company Bourne Leisure.
Starwood Capital Group was mandated lead arranger for Blackstone Capital Partners and Blackstone Real Estate Partners on the deal, which backs their acquisition of the company alongside its founding Harris, Cook and Allen families.
The funding will see Starwood hold £720m split between its Starwood Real Estate Income Trust and Starwood Property Trust investment vehicles.
Starwood Real Estate Income Trust has made its first European investment after its parent group originated a £1.8bn loan for Blackstone’s acquisition of UK holiday company Bourne Leisure.
Starwood Capital Group was mandated lead arranger for Blackstone Capital Partners and Blackstone Real Estate Partners on the deal, which backs their acquisition of the company alongside its founding Harris, Cook and Allen families.
The funding will see Starwood hold £720m split between its Starwood Real Estate Income Trust and Starwood Property Trust investment vehicles.
Lorcain Egan, head of international loan originations at Starwood Capital, said the company expects “a resurgence in the UK domestic leisure sector in the post-Covid lockdown environment”.
Bourne Leisure operates the Haven, Butlin’s and Warner Leisure Hotels business. When Blackstone announced the deal in January, Lionel Assant, European head of private equity at the firm, said: “We are long-term believers in the UK and are delighted to invest meaningful capital, despite recent uncertainty, to support the recovery of a Covid-impacted industry and wider local economies.”
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