Proposed Sale of Dreamworld theme park

Dreamworld's Chief Executive Officer, Mr Fred Maybury, today announced the proposed sale of the Gold Coast theme park and Hobarts Antarctic, science and info-tainment centre, Antarctic Adventure, to the Macquarie Bank's Property Investment Banking Division.

The sale agreement, which is subject to the successful listing of a leisure trust by the Macquarie Bank, was today signed by Dreamworld and the Macquarie Bank.

Dreamworld was purchased by Mr. P.L Kua's Singaporean based company, Euro Asia Realty, in 1996 for $84 million.

Over the past two years Mr Kua has invested substantially in Australian tourism. In addition to the purchase of Dreamworld, and a subsequent substantial upgrade of the theme park and the opening of Antarctic Adventure in Hobart, sister company Euro Asia Leisure Management purchased hotel assets. The Rex Hotel (Sydney), the Heritage Hotel (Melbourne) and the Legends Hotel (Gold Coast).

Mr Kua has also received approval from the Gold Coast City Council for a 400 room resort style hotel adjacent to Dreamworld.