Private equity firm Tasman Capital Partners has committed $300 million for its investee company Tasman Holiday Parks to double its portfolio of 21 holiday parks in Australia and New Zealand.
The business was established in 2019 and has so far outlaid about $250 million on acquiring holiday parks.
Chief executive of Tasman Holiday Parks, Nikki Milne, is a former chief operating officer of manufactured homes parks business Ingenia.
Tasman Holiday Parks has so far focused on Queensland and NSW and has seven parks in each state. The company has also built up a portfolio of five parks in New Zealand and sees strong opportunities on that side of the Tasman Sea.
“We’re really excited about the opportunities in New Zealand,” Milne said. “We have a first mover advantage in New Zealand, we’re the first corporate group, so we would absolutely look for expansion there.”
She said Tasman Holiday Parks was positioning itself to capture a return to “authentic” domestic tourism experiences but also catered for longer stay and permanent residents.
The company sought to acquire holiday parks within two to three hours driving time from major population centres; it also required properties to offer strong opportunities for expansion.
Assets operated by Tasman Holiday Parks are held by an associated property vehicle Tasman Tourism Operations. To date, most assets have been acquired for around $10 million with a couple around $20 million or above. Holiday parks prices have been rising steeply over recent months but Tasman Holiday Parks believes it can still add significant value by acquiring assets with potential for expansion. The company also expects to add value with the addition of a further 500 cabins or camping sites across the existing portfolio.
Tasman Capital co-founder Rob Nichols has deep experience in the manufactured homes parks sector. He built up manufactured homes park business, Tasman Lifestyle which was merged with a similar business, Gateway Lifestyle Group, and listed on the ASX in 2015.
In 2018, Tasman Capital Partners and Singapore sovereign wealth fund GIC jointly set up a new company, Serenitas, which acquired a portfolio of manufactured homes estates from West Australian company National Lifestyle Villages. National Lifestyle Villages was owned by Navis Capital and Blackstone Group.
Image: Nambucca Heads Tasman Holiday Park.