Center Parcs Longford holiday village gets €165m in funding
Forest resort may employ about 1,000 once completed and 750 during construction
The developers of the planned Center Parcs holiday village in the midlands have secured a €165 million debt facility from a group of banks led by Barclays.
The financing, also being provided by fellow UK-based lenders HSBC and Royal Bank of Scotland, will support the construction of a 500-lodge forest resort spread across 400 acres of woodland, including a glass-roofed swimming complex, restaurants, bars shops and a luxury spa.
Taoiseach Leo Varadkar turned the sod in early September on the commencement of construction work at Centre Parcs Longford Forest in Ballymahon, which is expected to cost €233 million to develop and open within 18 months. Center Parcs, based in the UK, was acquired by Canadian investment company Brookfield Asset Management in June 2015 in a deal worth about £2.4 billion (€2.7 billion).
The new financing facility for the company’s first resort in Ireland “represents a key milestone for our project,” said Colin McKinlay, chief financial officer of Center Parcs. “We are looking forward to the next stage of the development and remain on track to open in the summer of 2019.”