Private equity firm PAG has agreed to buy one of Japan's biggest theme parks for an equity valuation of about 100 billion yen (HK$5.67 billion), doubling down in Asia's second-biggest economy as Covid protocols are eased on incoming travelers.
Hong Kong-based PAG is acquiring Huis Ten Bosch, a Dutch-themed resort from travel agency HIS, adding to its US$17 billion (HK$132.6 billion) in investments in Japan over the past decade.
Located in Nagasaki prefecture, the park spans 152 hectares and has five hotels. It was welcoming more than two million visitors annually from Japan and abroad before the pandemic.
The purchase is PAG's second bet on theme parks in Japan. The median net return on Japan-focused funds raised from 2008 to 2018 was 21 percent, comparing favorably to North America-focused funds, according to investment data firm Preqin.
