Ardent Leisure raises $126 million from sale of d’Albora Marinas

The d’Albora Marinas portfolio comprises seven high-profile marinas. Ardent Leisure’s chief executive Deborah Thomas at the reopening. Photo: Tammy Law

?Dreamworld chief executive Craig Davidson at the reopening on Saturday. Photo: Tammy Law

The reopening of the Dreamworld and WhiteWater World theme parks on the Gold Coast, called “Open Hearts – Open Doors” on the weekend helped raise $157,225, which will be given to the Red Cross.

More than 6000 people attended the park, which has been closed since October 25 after a tragic accident.

Ardent Leisure, the owner of the parks, said the donation will be distributed to those affected by the tragedy through the GIVIT Appeal Independent Distribution Committee.

Ardent Leisure’s chief executive Deborah Thomas said the group will continue to offer “our support to the families who lost their loved ones”.

“Our talented Dreamworld team were ready to reopen our doors and were touched by the warmth and kindness shown by so many of our visitors this weekend. Altogether, we welcomed back over 6000 guests,” Ms Thomas said.

While not all the rides were open on the weekend, Ms Thomas said $25 from every guest entry fee from the charity weekend will be donated to the Red Cross and Dreamworld will also contribute the $25 donation on behalf of all pre-paid ticket and pass-holders.

Dreamworld chief executive Craig Davidson said “every single attraction that opened had passed an unprecedented multi-level safety review, encompassing Workplace Health and Safety Queensland’s audit, Dreamworld’s internal engineering review, Pitt & Sherry’s independent review and the external peer-review by UK-based theme park safety specialists, LTC”.

This comes as Ardent has sold its d’Albora Marinas portfolio after a long process.

The d’Albora Marinas portfolio comprises seven high profile marinas located in premium locations, including Spit Junction and Rushcutter’s Bay in Sydney, and Victoria Harbour and Pier 35 in Melbourne.

After an open expression of interest sale process, the group has sold the d’Albora Marinas business for $126 million. That represents an 11 per cent premium over current book value of $113.5 million.

The purchaser is a special purpose vehicle jointly owned by Sydney‐based Balmain Corporation and Goldman Sachs. Completion of the transaction is expected to occur before June 30, 2017 and is dependent upon securing landlord consents for the transfer of the head leases.

The sale process incurred transaction costs of about $3.3 million and a commitment to complete about $5.6 million of pre‐planned capital expenditure projects prior to completion.

“The group’s decision to prepare d’Albora Marinas for sale with extended lease tenure, targeted capital works and a transparent sale process has ensured that the maximum value for investors has been realised. The agreed sale price of $126 million represents a premium to current book value and will improve the balance sheet capacity of the group,” Ms Thomas said.

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