Blackstone Sells £1.5 Billion UK CMBS for Haven Holiday Parks

Blackstone has sold £1.5bn in bonds backed by UK holiday parks operated by Haven, the largest pound-denominated CMBS since the 2008 financial crisis. The sale accounts for half of a broader refinancing package for Haven, which operates 38 holiday parks. The deal marks a revival in the European commercial mortgage-backed securities market, which has been smaller than its US counterpart.

Blackstone Inc. has sold more than £1.5 billion ($2 billion) in bonds backed by UK holiday parks operated by Haven, marking the largest pound-denominated commercial mortgage-backed security (CMBS) since the 2008 financial crisis [1]. The sale accounts for about half of a broader refinancing package for Haven, which operates 38 holiday parks. This deal underscores a revival in the European commercial mortgage-backed securities market, which has historically been smaller than its US counterpart.

The transaction 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 [1]. This indicates a growing interest in the European securitisation market, which has seen a resurgence in activity.

The European market for commercial mortgage-backed securities has shown signs of revival, with recent regulatory changes aimed at simplifying and making the framework more fit for purpose [3]. On 17 June 2025, the European Commission published proposed measures to revive the securitisation framework in the EU, with a view to making it simpler and more fit for purpose [3]. The proposed amendments include explicit definitions for both "public" and "private" securitisations, which could significantly impact the market structure and reporting requirements.

Blackstone's sale of the CMBS is a notable development in the European market, highlighting the potential for growth and investment in the sector. The transaction also reflects the company's strategy of leveraging its portfolio to raise capital and refinance assets, a common practice in the industry.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-01/blackstone-sells-biggest-uk-cmbs-since-2008-financial-crisis
[2] https://www.marketscreener.com/news/blackstone-sold-more-than-2-billion-in-bonds-backed-by-uk-holiday-parks-operated-by-haven-bloombe-ce7c5fd3df88f32d
[3] https://www.jdsupra.com/legalnews/reform-of-the-eu-securitisation-9435061/