The €233m Center Parcs Longford Forest holiday resort is due to open its doors in the summer of 2019
Barclays has arranged a €165 million bank financing facility for the new Center Parcs Longford Forest resort which is being constructed near Ballymahon, Co Longford.
The bank financing facility represents one of the largest single investments for the Midlands 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.
Center Parcs Longford Forest is expected to open in summer 2019 and will be the company’s first resort in Ireland. The new development will bring significant positive economic and employment benefits for the local community and the wider Midlands region during both construction and once open for trading.
In addition to its significant global presence, Barclays is a key lender in the corporate banking market in Ireland where it has been operating for 40 years.
Center Parcs 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 Barclays, Henry Cleary, Head of Real Estate Lending, Barclays Bank Ireland, said: "Given Barclays track record in funding large construction projects, together with our longstanding banking relationship with the Center Parcs UK business, structuring the funding of this deal was an obvious fit for us.
"This investment is very significant for Longford and the economy of the Midlands of Ireland, employing circa 1,000 people once completed and over 750 people during construction."
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.”