29 Jul 2010
Terra Mitica leased to Aqualandia
BY Martin Nash
Following the news that the loss-making Benidorm theme park was being put up for sale, Terra Mitica has been leased to Mundomar Aqualandia with an option to buy the attraction for €75m (£63m), the global debt of the company.
The contract obliges the new managers to take over the current workforce and managers, with Aqualandia paying about the same - €1.8m (£1.5m) - as Terra Mitica is paying in interest on its loans at the moment.
There is a further rental linked to both visitor numbers and income at the park.
Although Terra Mitica has seen an upturn in business recently, losses after tax at the park last year were still €164m (£137m), with creditors said to be owed in the region of €60m (£50m).
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