Any potential issuer looking for evidence of how the hybrid CMBS/whole-business market is changing need look no further than UK holiday park operator Center Parcs’ recently launched deal. This is understood to be the third time that the company has looked at a securitization – and it looks like being third time lucky. It was originally considered as early as 2000 and revisited just before Center Parcs was acquired by Blackstone Group last year. The deal that has finally emerged is a £750 million ($1.49 billion) issue arranged by Merrill Lynch with a remarkably short duration of just over four years....
