Abu Dhabi’s Mubadala Capital has submitted a fully financed binding offer to acquire Pierre & Vacances-Center Parcs, the French-listed holiday resort operator behind brands including Center Parcs, Pierre & Vacances, maeva and Adagio. The offer would be made through a voluntary cash tender offer for all outstanding securities of Pierre et Vacances S.A.
The offer follows a strategic review launched by Pierre & Vacances-Center Parcs in June 2025, after the group and its advisers held talks with several potential investors. The company said Mubadala Capital’s proposal came out of that competitive process and would give shareholders a cash liquidity option, while bringing in a long-term investor to support the group’s strategic plan.
Pierre & Vacances-Center Parcs also said several of its largest shareholders, including representatives of Fidera Limited, Benefit Street Partners and Pastel Holding, expressed support for the proposal. Together, those shareholders represented 58.6% of the company’s outstanding share capital, giving the bid early momentum but not enough on its own to guarantee completion.
A Major European Resort Operator
The target is one of Europe’s best-known local tourism groups, with a portfolio spanning more than 45,000 apartments, houses and villas across 330 sites in Europe. In its 2024/2025 financial year, Pierre & Vacances-Center Parcs welcomed nearly 8 million customers and generated about $2.21 billion (€1.95 billion) in revenue.
Its brands sit in a segment of the travel market that has remained attractive to long-term investors: family resorts, short-stay accommodation, domestic tourism and experience-led leisure. Center Parcs, in particular, gives the group scale in a category that is less dependent on traditional city hotels and more tied to family travel patterns, weekend breaks and regional tourism demand.
The Disneyland Paris angle is also real, though it should be framed carefully. Villages Nature Paris, a Center Parcs-linked holiday park, is marketed as being close to Disneyland Paris, with Disneyland Paris describing it as 15 minutes from the Disney Parks by car. That makes the group relevant to the broader European family leisure market, but the acquisition should not be described as buying Disneyland Paris or its operator.
Mubadala’s Expanding Global Footprint
Mubadala Capital is the alternative asset management subsidiary of Mubadala Investment Company. The PVCP statement describes it as a global platform that manages, advises and administers more than $430 billion in assets through its asset management platform and strategic partnerships, with offices in Abu Dhabi, New York, London, San Francisco and Rio de Janeiro.
The bid also follows a strong year for Mubadala Investment Company, which reported that assets under management rose 17% in 2025 to $385 billion (AED 1.4 trillion). Mubadala also said capital deployment increased 20% to $39 billion (AED 143 billion), while proceeds rose 27% to $38 billion (AED 138 billion).
Khaldoon Khalifa Al Mubarak, Mubadala’s managing director and group CEO, said: “The strength of Mubadala’s performance in 2025 reflects the long-term strategy to invest in key sectors of growth in the UAE and abroad.” That broader strategy gives the PVCP offer a larger context: Abu Dhabi is not only deploying capital into financial assets, but also deepening its exposure to consumer, tourism and leisure infrastructure.
Abu Dhabi’s Leisure Ambitions
The proposed acquisition comes as Abu Dhabi continues to expand its presence in the global tourism and leisure sector. Earlier this year, Disney and Miral announced plans to develop a Disney theme park resort on Yas Island in Abu Dhabi, the first Disney theme park destination in the Middle East. Under the agreement, Miral will develop and operate the resort, while Disney will lead the creative design and provide operational oversight.
The project also fits into Yas Island’s wider entertainment ecosystem, which has become one of Abu Dhabi’s main leisure hubs. Alongside the planned Disney resort, the island is already home to major attractions such as Ferrari World, Warner Bros. World, SeaWorld Abu Dhabi and Yas Waterworld.
Mubadala Capital’s offer for Pierre & Vacances-Center Parcs is separate from the Disney-Miral project, but both developments point in the same direction: Abu Dhabi is extending its leisure economy through a mix of domestic destination building and overseas investment. A successful PVCP transaction would give an Abu Dhabi-linked investor a major position in European holiday resorts at a time when family travel and local tourism remain important parts of Europe’s leisure market.
