Spanish leisure park operator Parques Reunidos have acquired the Village Roadshow Wet’n’Wild, located in Sydney. The investment is the first step in a planned expansion throughout the southern hemisphere, strengthening geographic diversification and contributing to reducing revenue seasonality. Wet’n’Wild Sydney will bring along a platform to grow in Australia through future acquisitions and Indoor Entertainment Centers.
Wet’n’Wild Sydney, the second most visited water park in Australia, was acquired for £40m Australian dollars plus a variable compensation that will depend on the park’s revenue performance. The transaction is expected to be completed in the next three months, subject to customary conditions precedent.
The 24-hectare water park is one of the most modern in Australia, opening in December 2013 and including 40 attractions, adapted to all kinds of audiences.
“This is a unique opportunity for Parques Reunidos to access the Australian market, grow in the region through further acquisitions and develop indoor entertainment centers. Our group’s global presence includes operations and projects across Europe, the US, Asia, the Middle East and now Australia”, said Fernando Eiroa, CEO of Parques Reunidos.