British-based holiday resort group Center Parcs has been bought by US-listed company Brookfield Property Partners, after previous owner Blackstone opted to sell the company rather than float it.
Blackstone, the private equity firm, had owned Center Parcs since 2006.
In February it was reported to have hired two investment banks to prepare Centre Parcs for a potential London listing.
Brookfield said today that one of its funds had agreed to acquire Center Parcs for an undisclosed sum, in a deal expected to complete in July.
Media reports previously said Blackstone had rejected a £2 billion bid for Center Parcs from another bidder.
Center Parcs runs five holiday resorts in British forests ,offering activities ranging from badminton to horse riding alongside spa packages.
In April, the company formally announced plans to create a holiday village close to Ballymahon, Co Longford after it signed an option agreement with Coillte.
The company said the development will create 750 jobs during construction and 1,000 permanent jobs if it goes ahead. It also said the holiday village will have capacity for up to 2,500 guests.
Brookfield Property Group's chief executive Ric Clark said the acquisition was a departure from his firm's past focus in Britain on office and logistics-related investments.
"Although these resorts are already producing steady streams of cash flow supported by nearly full occupancy year-round, we see compelling opportunities to grow the business and enhance our investment returns," he said in a statement.