SANDUSKY, Ohio–(BUSINESS WIRE)–Cedar Truthful, LP (NYSE: FUN), a pacesetter in regional amusement parks, water parks and immersive leisure, proper this second launched it has supplied the land at its California’s Good America amusement park and plans to close the park. Cedar Truthful elected to advertise the land to Prologis, Inc. (NYSE: PLD), a Bay House-based logistics precise property agency, for about $310 million with a lease settlement. The Agency will proceed to perform the park for a interval of as a lot as 11 years after which can shut present park operations on the end of the lease time interval.
The land sale, which was marketed by CBRE, was the results of a strategic overview initiated by Cedar Truthful in 2021 to find potential avenues to maximise the value of the Agency’s in depth asset portfolio. Cedar Truthful purchased the land at California’s Good America in 2019 from the Metropolis of Santa Clara after the State of California dissolved redevelopment firms, requiring city to cede its possession of the property to repay present debt. Earlier to that transaction, the Agency leased the land from the Metropolis for higher than 40 years.
Cedar Truthful intends to utilize proceeds from the land sale transaction to hurry up progress on its strategic priorities of reducing debt to appreciate its $2 billion purpose, investing in high-return initiatives inside its portfolio paying homage to upgrading resort properties, and reinstating a sustainable unitholder distribution. Based on the power and tempo of the restoration since reopening its parks in 2021, and because of further capital raised by way of the Good America transaction, Cedar Truthful expects to reinstate quarterly unitholder distributions by the third quarter of 2022, subject to overview and approval by the Cedar Truthful Board of Directors.
“We chosen Prologis as our confederate as a result of their deep ties inside the Bay House and their reputation for working rigorously with native communities on huge developments,” talked about Cedar Truthful President and CEO Richard A. Zimmerman. “For our consumers, the sale and lease agreements allow us to monetize a high-value asset inside the coronary coronary heart of Silicon Valley at a very partaking quite a lot of. The transaction moreover gives us with a substantial sum of incremental capital which we intend to utilize to further advance our strategic priorities and generate enhanced returns for our unitholders.”
About Cedar Truthful
Cedar Truthful, LP (NYSE: FUN), one in all many largest regional amusement-resort operators on this planet, is a publicly traded partnership headquartered in Sandusky, Ohio. Centered on its mission to make people utterly glad by providing fulfilling, immersive, and memorable experiences, the Agency owns and operates 13 properties, consisting of 11 amusement parks, 4 individually gated outdoor water parks, and resort lodging totaling higher than 2,300 rooms and higher than 600 luxurious RV web sites. Cedar Truthful’s parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto, Ontario.
Forward-Wanting Statements
A number of of the statements contained on this data launch that are not historic in nature signify “forward-looking statements” all through the which suggests of Half 27A of the Securities Act of 1933 and Half 21E of the Securities Change Act of 1934, along with statements as to the Agency’s expectations, beliefs, goals, and methods regarding the long term. These forward-looking statements may include risks and uncertainties that are troublesome to predict, may be previous our administration and can set off exact outcomes to range materially from these described in such statements. Although the Agency believes that the expectations mirrored in such forward-looking statements are low cost, it might give no assurance that such expectations will present to be applicable, along with the timing of any debt paydown or price of partnership distributions, or that the Agency’s improvement strategies will receive the purpose outcomes. Important parts, along with the impacts of the COVID-19 pandemic, regular monetary conditions, hostile local weather conditions, opponents for shopper leisure time and spending, unanticipated constructing delays, changes inside the Agency’s capital funding plans and initiatives and completely different parts talked about now and again by the Agency in its tales filed with the Securities and Change Charge (the “SEC”) may affect attendance on the Agency’s parks, the timing of any debt paydown or price of partnership distributions, the Agency’s improvement strategies, and set off exact outcomes to range materially from the Agency’s expectations or in some other case to fluctuate or decrease. Additional information on hazard parts that may affect the enterprise and financial outcomes of the Agency could be found inside the Agency’s Annual Report on Sort 10-Okay and inside the filings of the Agency made now and again with the SEC. The Agency undertakes no obligation to publicly exchange or revise any forward-looking statements, whether or not or not a outcomes of latest information, future events, information, circumstances or in some other case that come up after the publication of this doc.
This data launch and prior releases will be discovered beneath the Data tab at http://ir.cedarfair.com