Parques Reunidos has acquired Wet’n’Wild Sydney, the second most visited water park in Australia, for an amount of 40 million Australian dollars (around €25 million) 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. This acquisition reinforces Parques Reunidos current position as the largest water park operator in the world.
Wet’n’Wild Sydney is the most modern water park in Australia, which opened in December 2013 and includes 40 state-of-the-art attractions, adapted to all kinds of audiences. The park has a surface of 24 hectares and is located in Prospect, 40 minutes away from central Sydney, the most populated city in Australia with 5.6 million inhabitants.
This acquisition in Australia is the first step for expansion in the southern hemisphere, significantly strengthens geographic diversification and contributes to reducing revenue seasonality. Wet’n’Wild Sydney will constitute a platform for growth in the region through further acquisitions and the development of indoor entertainment centers. Australia is an attractive market for Parques Reunidos with a growing middle class and a thriving tourism industry.
Parques Reunidos will leverage on its 22 water parks to implement its best management practices at Wet’n’Wild Sydney, thus improving its performance for the upcoming years. Wet’n’Wild Sydney has potential for expansion projects such as second gate or new theme areas, widening its offer and maximizing the value of the park.
“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.