In what it calls a "once in a generation opportunity", theme park operator Cedar Fair Entertainment has entered into an agreement to buy the rights to the land beneath its California’s Great America park in Santa Clara, California.

Since opening the park in 1976, Cedar Fair has leased the land from the City of Santa Clara. The new agreement will see the company acquire the land for around US$150m (€133m, £113m), financed through additional long-term borrowing, and with the transaction due to complete in Q2 2019.

Richard A Zimmerman, president and CEO of Cedar Fair, said: "This is a once in a generation opportunity to solidify our control of 112 acres in the heart of Santa Clara. The transaction underscores our long-term commitment to enhancing and expanding California’s Great America, ensuring a high quality, family-friendly entertainment destination for those who live and work in Northern California."

In commenting on the company’s 2018 financial results, reported in Attractions Management last month, Zimmerman said that Cedar Fair would be pursuing a strategy of broadening the guest experience through "immersive new entertainment offerings", expanding its season pass platform into a long-term, relationship-based programme, and looking at "value-enhancing development opportunities adjacent to our parks".