Brookfield has sold one of Australia’s iconic amusement parks, Luna Park, to Oscars Group for an undisclosed amount.
While the sale price was reportedly around A$50m (€30.9m), it fell short of the A$70m initially expected when the property was listed in June.
Both CBRE, which conducted the sales campaign for Brookfield, and Brookfield declined to comment on the price.
Brookfield has owned the park since 2007 when it took over local construction company Multiplex, and in recent times, it had invested A$45m to upgrade rides and other attractions.
The buyer, Oscars Group is one of New South Wales’s largest privately-owned hospitality groups, with a portfolio of hotels and resorts, pubs, events centres, commercial and retail assets across the Eastern seaboard of Australia.
Oscars Group managing director Bill Gravanis said Luna Park offered outstanding investment fundamentals, strong brand value and recognition.
Gravanis added: “It is an iconic waterfront landmark on the best harbour in the world that presents a great opportunity for the Oscars business. Our goal is to further establish Luna Park as a Top 5 tourist destination for visitors, whilst also promoting it as an entertainment precinct for Sydneysiders.”
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