Ardent Leisure Group (AAD) today advises that the Group has entered into a contract to sell surplus land to the north of the Group’s Dreamworld site in Coomera, QLD to the Queensland Investment Corporation (QIC) for a sale price of $16.5 million in line with book value. The settlement of the sale is anticipated to occur in January 2010 upon the issue of a separate land title. Of the sale price a sum of $11.5 million will be paid upon settlement with the balance of $5 million deferred for 12 months. The parcel includes land zoned for Town Centre Core under the Coomera Structure Plan.
Group Chief Executive Officer, Mr Greg Shaw advised: “The sale is an important step for the Group. In the short term, sale proceeds will be utilized to further strengthen the balance sheet and provide additional capacity for organic growth opportunities as they emerge. The sale of the land and its anticipated development will ultimately create a connection between Dreamworld, the Coomera Town Centre retail component and the Coomera rail/bus transport hub. This connection will provide enhanced public transport access to Dreamworld and WhiteWater World for our Brisbane and Gold Coast patrons.”
Ardent Leisure Group is a specialist operator of leisure and entertainment assets across Australia, New Zealand and the United States. The Group operates Dreamworld, WhiteWater World, d’Albora Marinas, AMF and Kingpin bowling centres and Goodlife fitness centres across Australia and New Zealand. The Group also operates the Main Event family entertainment centres in the United States.