News: ING and PacLib buy Sydney's Wonderland

Posted at 5:15 PM EST (2215 GMT)

Feb. 17th, 2004 -- ING Industrial Fund and the PacLib Group have paid $52.5 million to Sunway City Berhad  for Sydney’s Wonderland. This follows Sunway City’s announcement to close the 58  park because it is no longer commercially viable.  The vendor has entered into an agreement for removal of rides from the park, so it is not going to reopen in current form. The wildlife from the park will be relocated over the next twelve months.

The site will likely turn into an industrial business park that will create approximately 9,000 jobs. Trees will be retained to keep the environment and history of the area alive--although most coaster and amusement fans would argue that this is simply not enough.

For more information on the purchase, see the Property Review.