CaixaBank has reached an agreement with Looping Group, a French group specializing in the management of parks controlled by U.S. investment firm HIG, for the sale of the Isla Magica theme park in Sevilla. CaixaBank owns 82.8% of the share capital of Isla Magica.
The sale is expected to be finalised by the summer and, as part of the agreement, CaixaBank will assume costs of €30 million to ensure that the park is sold free of debt, charges and other financial contingencies to facilitate the future viability of Isla Magica.
Isla Magica receives around 600,000 visitors each year but in 2011 made a loss of €3.2 million. The Looping Group is committed to investing €5 million in new attractions for the park.