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Private Equity | Consumer & Retail | Real Estate

Terhills Resort by Center Parcs has been acquired by TwentyTwo Real Estate

May 2026 — Terhills Resort, a premium resort in Belgium combining luxury and nature located near Hoge Kempen National Park and operated by Center Parcs, has been sold by venture capitalist LRM to TwentyTwo Real Estate, an independent real estate investor and operator. Both the real estate and the operations were included in the transaction, and Center Parcs is staying on board as an operational partner.

Once a mining and gravel extraction site, Terhills has been repurposed and redeveloped by LRM into a leisure ecosystem with a luxurious resort operated by Center Parcs. Based in Limburg province, it also serves as a gateway to the Hoge Kempen National Park and offers a wide range of amenities, including a hotel, wellness center and shops. Thanks to the strategic presence of these on-site partners, Terhills attracts numerous international visitors each year. Since opening in May 2021, the park has welcomed more than 400,000 guests, accounting for 1.5 million overnight stays.

TwentyTwo Real Estate manages US$6.1 billion in assets across Europe. Founded in 2012, it combines deep financial expertise with operational excellence to deliver value-creating investment solutions and asset management services to institutional and private clients, with a focus on sustainable impact.

Our role in the transaction

Oaklins’ team in Belgium acted as the exclusive sell-side advisor to the shareholder of Terhills. The deal highlights Oaklins’ in-depth expertise in supporting transactions in the consumer and retail sector, and its international presence that is key to successfully identifying and working with a wide range of potential acquirors.

Service
M&A sell-side
Parties
“We are very pleased with the support and expertise provided by Oaklins’ team in Belgium. Their support during the sales process, from the start of the preparations to the final negotiations, was valuable in getting the deal done. Their insights and advice enabled us to secure a new partner for the next phase of Terhills Resort.”

TOM VANHAM, CEO, LRM

Talk to the deal team

Tom Van de Meirssche

Tom Van de Meirssche

Managing Director
Brussels, Belgium
Oaklins KBC Securities
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Thomas Roelens

Thomas Roelens

Managing Director
Brussels, Belgium
Oaklins KBC Securities
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Tibo Steen

Tibo Steen

Director
Brussels, Belgium
Oaklins KBC Securities
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Amelie Arrazola de Oñate

Amelie Arrazola de Oñate

Associate Director
Brussels, Belgium
Oaklins KBC Securities
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Jonathan Dejonckheere

Jonathan Dejonckheere

Associate
Brussels, Belgium
Oaklins KBC Securities
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