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Investindustrial becomes the sole shareholder of

PortAventura and will invest €75 million in 5 years

Update : 20:39 Published by François Mayné the 27 November 2012, Corporate.

Criteria CaixaHolding, a subsidiary of the Spanish bank La Caixa, has reached an agreement with the Italian investment company Investindustrial for the sale of its 50% shareholding in PortAventura (Salou, Spain) for an amount of €105 million (approx $136 million).

Already in the capital of PortAventura amounting to 50% since December 2009, Investindustrial is now the sole shareholder of the Resort - which it was already the operator - that includes the theme park, the water park, 4 hotels (PortAventura Hotel, Caribe Resort, Gold River Hotel and El Paso Hotel) and the convention center. On the other hand, Criteria CaixaHolding retains 100% of the shares of another company which owns, among many assets, several lands for residential or commercial use, the golf course and the private beach (Beach Club).

This financial transaction is part of the strategy of La Caixa which had announced at the arrival of Investindustrial in 2009 that their goal was to let enter an industrial operator in order to stimulate the growth of PortAventura by investing. And indeed, the Italian group has invested in 3 years more than €80 million (approx $104 million) in many developments including the Gold River Hotel, the family themed area Sesamo Aventura and the roller coaster Shambhala.

As a result, the financial situation of the Resort has improved with an increase in attendance (3.7 million visitors in 2011, +16% compared to 2010) and an EBITDA of 57 million euros, up 100% compared to 2009. "Our goal is to reinvest about €75 million for the next 5 years," said a spokesman for Investindustrial. "We want to be recognized as a world-class destination and entertainment leader in Europe while increasing the proportion of foreign visitors to 40% against 30% today. Despite the gloomy economic situation in Spain, we believe that investing in PortAventura is really very interesting."

In a statement, a spokesman of Criteria CaixaHolding said: "Investindustrial has been a strong partner with an excellent reputation and experience in the industry which helped stimulate the growth of PortAventura. This operation ensures the continuity of the development of the Resprt which will benefit to both visitors, employees and the region."

Investindustrial, a property of the Bonomi Family, is one of the largest investment companies in the world with a portfolio valued at €3 billion. It also owns the Gardaland amusement park located in Castelnuevo Garda, Italy. For more information, please visit www.investindustrial.com

PortAventura Park - PortAventura Aquatic Park - - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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