This is one of the year’s largest deals in European tourism. On 22 June 2026, Pierre & Vacances Center Parcs, Europe’s leading leisure property group, confirmed it is subject to a public takeover bid launched by Mubadala Capital. Behind this name lies the financial might of Abu Dhabi, which is gaining further ground in tourism on the Old Continent. For the French group, which has just emerged from a painful restructuring and returned to profit, this promises new resources and, undoubtedly, a change of era.
A Friendly Takeover Bid at €2 per Share
The offer submitted by Mubadala Capital is a friendly, cash, and fully financed public takeover bid for all of the group’s shares. The fund is offering €1.90 per share, a price that could be increased by €0.10 if it succeeds in delisting Pierre & Vacances Center Parcs, bringing it to up to €2 per share. The transaction values the entire group at just under one billion euros and represents a premium of over 35% on the share price before the strategic review began in June 2025.
The operation is far from a mere intention. It has received the green light from the board of directors and the support of the group’s three main shareholders, funds Fidera and Benefit Street Partners (formerly Alcentra), as well as the Pastel holding company, which together account for 58.6% of the capital. The offer remains conditional on commitments to contribute at least 80% of the capital by mid-July, before a formal filing expected in early 2027. “The firm and fully financed offer received from Mubadala Capital marks a decisive step in the strategic review launched in June 2025,” hailed Georges Sampeur, Chairman of the Board of Directors.
Mubadala · Abu Dhabi’s Arm in Tourism
Mubadala Capital is the alternative asset management subsidiary of Mubadala Investment Company, one of the leading sovereign wealth funds in the United Arab Emirates, managing several hundred billion dollars and having invested over 29 billion dollars in 2024 alone. The fund is already familiar with European leisure tourism, having owned the Looping amusement park group until 2023. By acquiring Pierre & Vacances Center Parcs, it gains control of rare locations, from forests to coastlines, and brands familiar to millions of European families.
From the Emirati side, the emphasis is on the long term. Mubadala Capital states its intention to provide the group with “sustainable investment capacity” and to rely on the existing management team, with a commitment horizon of seven to ten years. This patrimonial approach contrasts with the exit strategy of the debt funds currently holding capital.
Pierre & Vacances Center Parcs · A Giant Emerging from the Mire
Founded in 1967 by Gérard Brémond, the group has built a tourism property empire in half a century. Under a single banner coexist Center Parcs and its forest domains, Pierre & Vacances residences, the maeva platform, Adagio apart’hotels, the Villages Nature Paris complex, and Sunparks in the Benelux. In total, nearly 330 sites in Europe, including around thirty Center Parcs domains, over 45,000 accommodations, and some 8 million clients per year, for a turnover of almost 2 billion euros and approximately 12,800 employees.
However, the group is only just emerging from a period of significant turbulence. The Covid-19 crisis, followed by the burden of its debt, forced it into a major restructuring in 2022, which converted over 550 million euros of debt into capital and transferred control to its creditors, diluting the founder from almost 50% to less than 11% of the capital. Three years later, the recovery is clear: the group has returned to profit for the second consecutive financial year and boasts positive cash flow. The arrival of a deep-pocketed shareholder is perfectly timed to finance the renovation of an ageing portfolio.
The Gulf’s Assault on European Tourism
Mubadala’s offer is far from an isolated case. Gulf sovereign wealth funds are multiplying acquisitions in European hospitality and tourism, from Swiss palaces now under Qatari flag to Genevan hotels bought by Jumeirah. In 2024, these funds invested a record 82 billion dollars worldwide, with Mubadala being among the most active. Driven by abundant liquidity and a diversification strategy beyond oil, Abu Dhabi, Doha, and Riyadh now consider European leisure a strategic, long-term yield asset class.
For Pierre & Vacances Center Parcs, listed on the Paris Stock Exchange since 1999, this rapprochement could accelerate the upmarket shift of its destinations, at a time when European clientele demands higher quality accommodation. It remains to be seen whether this capital shift will translate, on the ground, into renovated villages and an experience meeting new standards, a topic that La Revue des Hôtels closely follows in its Stock Market & Real Estate section.
