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PortAventura Evaluates Putting Its Properties up for Sale for 400 Million Euros

PortAventura, the renowned theme park located between Salou and Vila-seca in Tarragona, is in the process of reviewing its portfolio. The current owners, Investindustrial and KKR, are considering the possibility of segregating their real estate assets with the aim of putting them up for sale for approximately 400 million euros, as reported by Expansión.

The contemplated strategy involves seeking an investor specialized in the real estate sector to acquire the company that owns the properties (PropCo), while retaining ownership of the company responsible for managing them (OpCo). KKR and Investindustrial intend to carry out a sale and leaseback operation, allowing them to remain in a rental arrangement.

PortAventura's real estate portfolio includes the amusement park itself, six four and five-star hotels, as well as land adjacent to the park. In addition to its entertainment areas, PortAventura World Parks & Resort operates five themed four-star hotels and a five-star hotel (PortAventura Hotels). It also has two hotels outside the resort area, totaling approximately 2,700 rooms, and a convention center (PortAventura Convention Centre) with a capacity of up to 6,000 people.

Although the partial sale of properties is the primary option, the owners do not rule out a complete sale of the business, estimating that this operation could close for a total of one billion euros. Earlier this year, Investindustrial and KKR refinanced a 700 million euro loan used for the acquisition of the amusement park. This loan, originally due in 2024, was extended to 2026 through an agreement with the creditor banks JP Morgan and HSBC.

Opened in 1995, PortAventura has undergone several changes in its ownership over the years. From the entry of the multinational Universal in 1998 to the current distribution between Criteria (50%) and Investindustrial (50%) in 2009, the park has maintained its status as one of the most prominent vacation and family entertainment destinations in Europe.