Village Roadshow has announced the sale of its Wet 'n' Wild property in Sydney, Australia, with Spanish operator Parques Reunidos purchasing the waterpark for AU$40m (US$29.6m, €25.4m, £22.4m).

Opened in December 2013 at a cost of AU$140m (US$103.5m, €88m, £78.5m), the waterpark covers 250,000sq m (2.7 million sq ft), with 42 water slides, three pools and a children's area. Rides have been provided by a number of suppliers, including Water Technology Inc, WhiteWater West and ProSlide.

The move is a "unique opportunity" for Parques Reunidos, according to the operator, which said that its first Australian property would provide it the opportunity to build a platform in the country through acquisition deals and the development of new indoor centres.

The deal brings Parques Reunidos' total number of waterparks worldwide up to 22. The company says that it expects to improve performance in the coming years, adding that there is potential to develop a second gate and new themed areas at the park.

The sale of the attraction will result in an overall pre-tax loss of about AU$25m (US$18.5m, €15.9m, £14m) for Village Roadshow, with the money raised from the sale being used to reduce the company's debt levels. The transaction is subject to customary precedent conditions and is expected to be completed in the next three months.

"This investment provides Parques Reunidos an entry into the Australian market and with extensive experience of operating 20 water parks around the world," said a Village Roadshow statement.

"Parques will be able to add value and enhance Wet ’n’ Wild Sydney’s performance over the coming years."

Wet ‘n’ Wild Sydney is one of two Wet 'n' Wild properties in Australia – the other a part of Village Roadshow's Gold Coast entertainment cluster, which also features Warner Brothers Movie World, Australian Outback Spectacular and a recently-launched TopGolf attraction.

Parques Reunidos has increased its attraction presence in recent months, this year acquiring German theme park Belantis, while also striking a deal to launch FC Barcelona-themed attractions around the world. It is also planning to open the first European Lionsgate-branded indoor entertainment centre in Madrid, as well as a Lionsgate attraction in Times Square, New York. The operator has also been appointed to oversee day-to-day operations at Dubai Safari, which has closed its doors until October to undergo improvements.