–     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



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:

–     either the payment of a fixed rent representing 72.5% of the contractual rent until December 31st, 2021 and 100% thereafter; or 

–     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 & Vacances 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 financing 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:

–     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

–     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 offer.