Acquisitive US investment company the Blackstone Group has agreed an £825m deal to buy Center Parcs UK's property assets.

Blackstone is expected to complete the £265m purchase of Center Parcs UK's operating company by the end of this month.

An extraordinary general meeting approved Blackstone's offer of 80p per share on 18 April.

The new deal for Center Parcs' assets will reverse the sale-and-leaseback deal the holiday village operator conducted in 2002, before the company was floated the following year.

The leisure company is still waiting to find out if its bid to build a fifth UK site in Woburn, Bedfordshire, will get the go ahead.

By Emily Manson

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