Sydney Water Park is the largest theme park in the Southern Hemisphere,. (video website)
According to the Australian newspaper, Weixiu Entertainment Group (Village Roadshow) has signed an agreement with (Parques Reunidos), the Spanish theme park operator, for reunion entertainment. Sell Sydney Water Park (Wet`n`Wild water park) for at least A $40 million.
In a statement filed with the Australian Stock Exchange (ASX) this morning, Vixiu Entertainment said the deal would result in a pre-tax loss of about A $25 million and would be disclosed as an important item in fiscal year 2018.
Reunion Entertainment operates more than 60 entertainment assets and 20 water parks around the world, a deal that will give the company access to the Australian market.
Reunion Entertainment said in a statement that the net proceeds from the sale of Sydney Water Park would be used to reduce the debt level of Weixiu Entertainment Group.
The deal, valued at A $40 million plus a variable compensation, will depend on Sydney Water Park`s revenue performance as of June 30, 2020, and is expected to close in the first quarter of fiscal year 2019.
"in the next few years, Reunion Entertainment will increase the value of Sydney Water Park and improve its performance," said Weixiu Entertainment Group.
It is reported that in December last year, Weixiu Entertainment Group reached an agreement with a Kunzhou super fund to sell and rent back after sale for A $100 million. Sell its Warner Brothers Film World (Warner Bros Movie World) and Gold Coast Water Park (Wet`n`Wild Gold Coast).
