Blackstone, the private equity group will buy seven Center Parcs Europe resorts for around €630 (£434m).
The sites, in the Netherlands, Germany and Belgium are currently owned by French leisure group Pierre & Vacances (P&V) who also own a further nine Center Parcs properties in Europe.
The management leases on the properties will remain with P&V who said that the deal should be completed by the end of the month.
Center Parcs Europe is an entirely separate business from Center Parcs UK which was bought by Blackstone for £265m earlier this year.
By Alix Young