Six Flags to Sell OKC Parks

CNL Income Properties Inc. announced today it has entered into a series of related sale and leaseback agreements to acquire seven Six Flags Inc. properties, including Frontier City and White Water Bay in Oklahoma City.
CNL Income Properties intends to acquire the properties in a $312 million asset purchase agreement consisting of $290 million in cash and a note receivable for $22 million. An affiliate of PARC Management, LLC entered into a related $312 million stock purchase agreement on Jan. 10, 2007 to purchase the properties from Six Flags. CNL Income Properties in turn will purchase and lease back the properties to PARC Management, which will operate the seven parks under a long-term, triple-net lease agreement.
Upon completion of the acquisition, the parks will add to CNL Income Properties’ portfolio of lifestyle assets, which includes water parks, family entertainment centers and now theme parks, in addition to ski resorts and golf course properties throughout the United States and Canada. In recent years, the company has acquired interests in approximately $1 billion of real estate in the lifestyle and recreation sectors.
The parks to be acquired in this transaction are Darien Lake of Buffalo, New York, Elitch Gardens of Denver, Frontier City and White Water Bay of Oklahoma City, Splashtown of Houston, Waterworld of Concord, Calif., and Wild Waves and Enchanted Village of Seattle.

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