The European market for CMBS is far smaller than its US counterpart, but has recently shown signs of a revival
Published Sat, Aug 2, 2025 · 12:48 PM
[NEW YORK] Blackstone sold more than £1.5 billion (S$2.6 billion) in bonds backed by UK holiday parks operated by Haven, the largest ever pound-denominated commercial mortgage security since the 2008 financial crisis, according to a source with knowledge of the matter.
The CMBS accounts for about half of a broader refinancing package for Haven, said the source, who asked not to be identified discussing private information.
A spokesperson for Blackstone declined to comment. Bloomberg previously reported that Blackstone was in talks to issue the debt.
The European market for commercial mortgage-backed securities is far smaller than its US counterpart, but has recently shown signs of a revival. It comes about three months after Blackstone priced a £270 million CMBS in Europe secured by affordable and social rent properties managed by Blackstone’s Sage Homes business.
Haven belongs to parent company Bourne Leisure, which Blackstone bought in 2021. The company, which operates 38 holiday parks, has recently seen more Britons choose domestic vacations over travelling abroad. BLOOMBERG
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