TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Parques Reunidos to buy Malaysia tycoon's German tropical resort
Change Size
Tycoon T. Ananda Krishnan (left) with Datuk Seri Mahamad Fathil Mamood, who sits on the board of trustees of the Yu Cai Foundation, at the official launch of the foundation in Kuala Lumpur in a Jan. 28, 2015 file photo. (The Star/ANN/File)
P
arques Reunidos Servicios Centrales SA, the Madrid-based entertainment park operator, has agreed to buy a tropical-themed resort in Germany for 226 million euros ($256 million).
The Spanish firm reached an agreement with a holding company of Malaysian billionaire T. Ananda Krishnan to acquire Tropical Islands Resort, according to a Tuesday filing, confirming a Bloomberg News story. The deal is expected to be completed by February, the filing shows.
Tropical Islands Resort, located about 60 kilometers (37 miles) south of Berlin, was built in a former airship hangar and opened for business in 2004, its website shows. Attractions include the world’s largest indoor rainforest, palm tree-lined artificial beaches, a water park featuring a “Whitewater River,” a spa complex and a miniature golf course.
Tanjong Plc, a holding company for some of Krishnan’s leisure and property investments, owns a controlling stake in the resort, while business partner Colin Au holds the remainder. Krishnan, Malaysia’s fifth- richest person, has been shifting his focus to domestic investments after Aircel Ltd., an Indian wireless operator he controls, filed for bankruptcy protection this year.
Parques Reunidos is adding another tranche to its existing credit facilities to finance the purchase, according to the filing. The deal is pending clearance from German competition authorities and other regulatory approvals.
The acquirer operates more than 60 properties including theme parks, zoos and indoor entertainment centers in 14 countries across Europe, the U.S., the Middle East and Asia, its website shows. It was the most active acquirer of individual leisure parks in Europe and the U.S. over the last eight years, according to the website.
