Fried Frank acted as counsel to Malaysia-based company Tanjong in the sale of its leisure park resort Tropical Island to Spanish-based leisure park operator Parques Reunidos. The purchase price is approximately €230 million.
The resort, located 60 kilometers south of Berlin, is a tropical-style leisure park with over 600 acres and more than 1.3 million guests visiting a year. The resort's main attraction is the world's biggest indoor waterpark, which has been erected inside the Tropical Islands “Dome.” The Dome, originally built as an airship hangar for German company CargoLifter AG, is the largest self-supporting cantilever hall in the world. Tropical Island generates annual revenues of approximately €70 million and an EBITDA of €20 million.
The Spanish leisure park operator Parques Reunidos owns more than 60 assets, including amusement parks, aquatic parks, and family entertainment centers, in 14 countries. The acquisition of Tropical Island is the company's largest acquisition to date. In Germany, the group already runs the leisure park Belantis in Leipzig and the Movie Park in Bottrop. In addition, Parques will be concluding the acquisition of the World Bird Park in Walsrode shortly.
The Fried Frank team was led by corporate partner Dr. Jürgen van Kann and included antitrust and competition partner Tobias Caspary, German tax partner Katrin Gänsler, corporate special counsel Thorsten H. Stücklin, corporate associates Dr. Peter Breschendorf and Dr. Jan Thomas Petersen, antitrust and competition associate Max Küttner, and corporate real estate associate Anjela Keiluweit.