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Village Roadshow sells theme parks in Gold Coast, Australia, for A$100M

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Village Roadshow sells theme parks in Gold Coast, Australia, for A$100M

Village Roadshow Ltd. sold a 154-hectare theme parks site in Australia's Gold Coast to the LGIAsuper fund for A$100 million, The Australian Financial Review reported.

Altis Property Partners carried out the purchase via a sale-and-leaseback deal for an initial lease term of 30 years, with Village Roadshow to pay an annual starting rent of A$6.2 million, the Dec. 22 report noted.

Proceeds from the sale will be used to lower Village Roadshow's debt and make capital available for growth initiatives.

The company is also divesting its 50% stake in the Singaporean cinema business Golden Village, in a deal that could fetch net proceeds of approximately A$165 million.