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Aqualandia Group acquired yesterday 70.76% of the shareholding of Terra Mitica theme park located in Benidorn, in southwest Spain.
For this transaction, which amounts to €65 million (about $80,8 million), the two banking institutions Banco Sabadell CAM and Bankia sold all of their stakes (49%) while the Generalitat Valenciana (the Government of the autonomous Community of Valencia) sold 22.31% of its majority stake to maintain a slightly less than 30% stake in the hypothetical case of a land sale if the park disappears.
Aqualandia, which already owns the Aqualandia water park and Mundomar animal park Mundomar also located in Benidorn, had obtained from the government the operational management of Terra Mitica in July 2010 against two serious competitors: Parques Reunidos and Aspro Ocio Group. The management lease contract was signed for a period of 10 years and the company had a purchase option for 2015, a date that has finally been advanced earlier than expected probably due to the chaotic economic situation in Spain.
The government said that the transaction was in conformity with the law on contracts in the public sector because a tender was conducted with other national and international potential operators, adding that the main actors involved with the park development (hotels owners, tour operators and banking institutions) had expressed their support for the proposed sale.
Terra Mitica opened in 2000 with the aim to be an economic driver for the region. Born from the desire of politicians, the project was too ambitious and part of the planned attractions were never built. Despite several investments and even the arrival in the shareholding of Paramount during a few years, the park was never as successful as hoped and has accumulated debts. This transaction clears now €45 million (about $56 million) of debt allows Terra Mitica to restart on new bases.
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Our Theme Park Supplier's News of the Week is a round-up of the latest news relative to companies supplying the theme park industry around the world. This weekly report covers topics such as corporate announcements, financial ...
The NewsParcs' Theme Park Supplier's News of the Week is a round-up of the latest news relative to companies supplying the theme park industry around the world. This weekly report covers topics such as corporate announcements, ...
Our Industry Roundup is a summary of the latest major news related to the theme park industry worldwide. We report news specifically on operators, owners, trade associations and related organizations, including trends, attendance...