American KKR investment fund buys 49.9% of PortAventura
Italian Investindustrial has sold 49.9 % of its stake in PortAventura amusement park to KKR, a US investment fund. With this operation Investindustrial has incorporated a long-term partner in the project, while making sure to be the majority shareholder with 50.1 %. The transaction will be effective in January 2014 and is only awaiting regulatory approvals. In the long-term strategy, PortAventura is looking for other agreements to broaden the range of leisure activities and develop further at international level. A few weeks ago it was made public that Investindustrial would join the BCN World project by building and managing 3,000 hotel rooms. Besides, it has been announced that the Cirque du Soleil would give daily shows in PortAventura from the summer of 2014.
Vila-seca (ACN).- Italian Investindustrial has sold 49.9 % of its stake in PortAventura amusement park to KKR, a US investment fund, according to a press release issued by the Costa Daurada park on Thursday. The transaction will be effective in January 2014, is only awaiting regulatory approvals and is indirectly linked to the BCN World mega resort project, in which PortAventura participates. With this operation Investindustrial has incorporated a long-term partner in the PortAventura project, while making sure to be the majority shareholder, owning 50.1 % of the park’s shares. Investindustrial, owned by the Bonomi family had bought 50% of the park stakes to La Caixa about a year ago for €105 million, to take full control of the company. While the amount of this latest transaction has not been disclosed, it is estimated to be superior to €105 million paid for 50% of the park’s shares. For PortAventura Manager, the participation of Investindustrial and KKR “consolidates the shareholders of the company and the commitment to Catalonia”.
A project linked to BCN World
In the long-term strategy, PortAventura is looking for other agreements to broaden the range of leisure activities and develop further at international level. They are specifically looking for agreements to have a more-rounded season and increase the number of opening days of the park during the year. They have stated that they would continue investing in new attractions, hotels and restaurants. Following this news, it has also been announced on Thursday that the Cirque du Soleil would give daily shows in PortAventura from the summer of 2014. Furthermore, a few weeks ago it was made public that Investindustrial would join BCN World, a mega leisure resort with casinos, convention centres, theatres, shopping centres and hotels to be developed between the Mediterranean Sea and PortAventura. Investindustrial is expected to build and manage 3,000 hotel rooms in this project.
Investindustrial to make further investments in PortAventura and BCN World
Since Investindustrial joined the shareholders of the resort in 2009, it has invested €100 million in new projects and facilities such as hotel management, and the convention centre. The park welcomes 4 million visitors per year. International tourists represent the fastest growing category and now account for 45% of all visitors of the park and its 6 hotels in 2013, with an average stay of over three nights. Online business has also gained much ground, now representing 30 % of the total bookings. The BCN World side-project is expected to significantly contribute to the park’s increase of visitors, as well as to make Catalonia’s Costa Daurada and the area surrounding Salou one of Europe’s major tourist centres.
Cirque du Soleil to offer daily shows to 2.400 spectators from the summer of 2014
From the summer of 2014, the Cirque du Soleil will offer daily shows of ‘Kooza’ at PortAventura, in front of 2.400 spectators. This is a show “full of stunts and adrenaline” explained the directors of the theme park in a statement. With this latest agreement, PortAventura has become the first resort in Europe to host a show from the Cirque du Soleil. The theme park is expecting a further increase in the number of foreign tourists, and looking to establish itself as a major international destination for families.