The FINANCIAL — Barclays Corporate Banking has arranged a €165 million bank financing facility for a new Center Parcs which is being constructed in County Longford in the Republic of Ireland.
Barclays acted as Co-ordinator, Agent and Security Agent for the facility which is being provided by Barclays, HSBC and RBS.
The financing facility will support the construction of a 500 lodge forest resort spread across 400 acres of natural woodland, including the Subtropical Swimming Paradise, restaurants, bars and shops, a luxury spa and over 150 leisure activities, according to Barclays.
Center Parcs Longford Forest is expected to open in summer 2019 and will be the company’s first resort in Ireland. They currently operate five resorts in the UK at Woburn Forest, Whinfell Forest, Sherwood Forest, Elveden Forest and Longleat Forest. Longford Forest is their sixth site and follows on from the opening of Center Parcs Woburn Forest in 2014.
Commenting on behalf of Center Parcs, Colin McKinlay, Chief Financial Officer, said: “We are delighted to have agreed the financing facility. This represents a key milestone in our project to bring Center Parcs to Ireland. Working with Barclays on this project is a continuation of the excellent relationship we have built up over a number of years. We are looking forward to the next stage of the development and remain on track to open to guests in the summer of 2019.”
Mike Delay, Director at Barclays Corporate Banking Hospitality & Leisure team, said: “We have a strong and longstanding relationship with the Center Parcs UK business and for Barclays to support the next stage of their evolution through structuring the funding of this deal in Ireland was an obvious fit. Not only does this underline our ongoing commitment to our Hospitality & Leisure clients in the UK but also demonstrates our ability to help them realise their ambitions to grow overseas too.”