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Cedar Fair sells land beneath California’s Great America, plans to close theme park

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Cedar Fair has sold the land for $310 million to Prologis, a Bay Area-based logistics real estate company.

Cedar Fair has sold the land beneath California’s Great America to Prologis for $310 million and plans to close the theme park within 11 years.

The amusement park company will continue to operate the attraction for up to 11 years before closing it. Prologis is a Bay Area-based logistics real estate company.

The land sale “was the outcome of a strategic review initiated by Cedar Fair in 2021 to explore potential avenues to maximize the value of the company’s extensive asset portfolio”, according to a news release.

Cedar Fair purchased the land at California’s Great America in 2019 from the City of Santa Clara. Prior to that, the company leased the land from the city for more than 40 years.

California’s Great America opened in 1976. It is home to various thrill rides and coasters, as well as live entertainment and the South Bay Shores water park. Cedar Fair acquired California’s Great America in 2006.

Cedar Fair to operate park for up to 11 years

In the press release, the company said it intends to use the cash from the sale to “accelerate progress on its strategic priorities of reducing debt to achieve its $2 billion target, investing in high-return projects within its portfolio such as upgrading resort properties, and reinstating a sustainable unitholder distribution”.

“We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,” says Cedar Fair president and CEO Richard Zimmerman.

“For our investors, the sale and lease agreements allow us to monetize a high-value asset in the heart of Silicon Valley at a very attractive multiple.”

“The transaction also provides us with a substantial sum of incremental capital, which we intend to use to further advance our strategic priorities and generate enhanced returns for our unitholders,” Zimmerman adds.

Images: Cedar Fair

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Bea Mitchell

Bea is a journalist specialising in entertainment, attractions and tech with 10 years' experience. She has written and edited for publications including CNET, BuzzFeed, Digital Spy, Evening Standard and BBC. Bea graduated from King's College London and has an MA in journalism.

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