Press release Pierre & Vacances-Center Parcs Group September 8th 2021
08 Septembre 2021 - 06:37PM
Business Wire
- Good performance in the middle of the summer, enabling the
Group to improve its proposal for an amendment to the lease
agreement entered into with individual lessors from July 1st,
2021
- Implementation of a fiducie-sûreté for the Center Parcs
division, in accordance with the terms of the new financing
agreement
Regulatory News:
Pierre & Vacances-Center Parcs (Paris:VAC):
1. Amendment to the lease agreement entered into with
individual owners
As announced in the press release of July 20th, 2021, the Group
sent to its individual landlords at the beginning of July a
proposed amendment to their lease agreement. This amendment, which
included several compensations and commitments from the Group,
proposed, under certain terms and conditions, the payment of an
amount representing 50% of the contractual rents for the period
from March 15th, 2020 to June 30th, 2021.
With respect to the rent payments as of July 1st, 2021, the
draft amendment provided for two options, at the owners'
option:
(i) either the payment of a fixed rent
representing 72.5% of the contractual rent until December 31st,
2021 and 100% thereafter; or (ii) either the payment of a
variable rent, with a guaranteed minimum of 50% of the contractual
rent over an 18-month period, from July 1st, 2021 to December 31st,
2022.
The proposals to amend the leases agreements have been
positively received by the majority of individual landlords, with
nearly 55% of signatures collected to date. The Group thanks
the individual landlords concerned for their confidence and the
efforts they have made to overcome the impact of the health
crisis.
Given the good performance recorded in the middle of the summer,
with occupancy rates in July-August 2021 higher than those of the
same period in 2019 for the Pierre & Vacances1 and Center Parcs
brands – and in a partnership logic, the Group has decided to pay
to the individual landlords who have signed or will sign the new
amendment 100% of the contractual rent for the period starting
on July 1st, 2021. All other terms of the initial offer made by
the Group in July, including (i) the payment of 50% of the
rent for the period from March 15th, 2020 to June 30th, 2021, and
(ii) all the commitments and considerations agreed by the
Group, will remain unchanged.
This new proposal, which has been discussed with some of the
individual landlord representatives over the summer, can be
accepted until October 15th, 2021 at the latest, thus offering a
full and retroactive reinstatement of rent payments as of July 1st,
2021, and will be open to all landlords who have signed the new
amendment, including of course landlords who have already signed on
to the initial proposal.
2. Set up of the fiducie-sûreté
According to the terms and conditions of the new financing2
entered into on May 10th, 2021 with certain of the Group's
financial creditors, it was planned to set up a fiducie-sûreté over
the shares of the French subsidiary Center Parcs Holding by
September 15th 2021, subject to certain conditions being met.
These conditions have now been waived, in particular:
(i) on July 1st, 2021, Pierre et
Vacances S.A.'s general meeting issued a favorable advisory opinion
on the implementation of the fiducie-sûreté; and (ii) on
September 7th, 2021, the AMF issued, at the request of SITI S.A,
the Group's majority shareholder, a decision not to file a public
buyout offer3.
Under these conditions, Pierre et Vacances S.A. confirms that
the fiducie-sûreté will be set up in the next few days.
1 Excluding Spain. 2 For more details, see press releases dated
May 10, 2021 and June 24th, 2021. 3 See AMF decision dated
September 7, 2021 available on the AMF website.
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version on businesswire.com: https://www.businesswire.com/news/home/20210908005949/en/
For any information: Investor Relations and Strategic
Operations Emeline Lauté +33 (0) 1 58 21 54 76
info.fin@groupepvcp.com
Press relationship: Valérie Lauthier +33 (0) 1 58 21 54
61 valerie.lauthier@groupepvcp.com
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