Village Roadshow strikes $100m sale and leaseback deal with Qld super fund.

VILLAGE Roadshow has struck a $100 million deal for the sale and leaseback of its Gold Coast theme park properties

SOLD: Village Roadshow has sold its 154ha landholding at Oxenford to LGIAsuper in a $100 million sale and leaseback deal.

VILLAGE Roadshow has struck a $100 million deal for the sale and leaseback of its Gold Coast theme park properties.

The deal was settled today with the ASX-listed theme park operator selling its 154ha freehold site to Queensland-based superannuation fund LGIAsuper.

The Oxenford site is home to Warner Bros Movie World, Wet’n’Wild Gold Coast, Paradise Country and the Village Roadshow Studios

LGIAsuper’s acquisition was through private equity firm Altis property Partners and the sale price reflects a yield of about 6 per cent.

As part of the deal, Village Roadshow has entered into an initial 30-year lease with six options of 10 years each — totalling 90 years.

LGIAsuper is a Queensland local government employee superannuation fund with $11 billion of funds under management.

In a statement, Village Roadshow Theme Parks said the proceeds of the sale would be used to reduce debt levels.

The Oxenford landholding was put up for sale in September with chief executive Clark Kirby declaring the company remained committed to its theme parks business.

“The sale and leaseback will unlock the value in these land assets while allowing us to progress previously announced growth strategies,” he said.

Colliers International’s Simon Beirne, Darrell Irwin and John Marasco negotiated the sale.

It is understood interest was fielded interest from numerous local and offshore parties.