Piero Ferrari officially opened Ferrari Land today at an inauguration attended by international press, special guests and friends of the motor racing brand.

The €100m (US$106m, £85m) theme park is a second gate for PortAventura, part of the Spanish destination resort's €400m (US$426m, £342m) expansion strategy, which hopes to help boost annual visitor attendance to the 5 million mark.

"Ferrari Land is a place where everyone can come, not just Ferrari fans and enthusiasts, but the whole family can come and learn about the story of the Prancing Horse and have fun," said Ferrari, who is the son of the brand's eponymous founder, Enzo.

"I'm happy visitors will get the Ferrari experience, and that means speed, innovation and above all, emotion," he said. "It's our main objective to let people know that everything we do, we do with passion."

Ferrari Land boasts Europe's tallest and fastest rollercoaster. Named Red Force, the vertical launch coaster reaches 112 metres (367ft) into the sky accelerating from 0mph to 112mph (180kph) in just 5 seconds.

The Ferrari-branded park is PortAventura's third theme park at its location near Barcelona, Spain. It currently attracts 55 per cent international tourists, many from France and the UK, and it's hoped Ferrari Land will help draw more visitors from elsewhere in Europe, like Italy, Belgium and Holland, as well as non-European markets.

"We want Ferrari Land to capture the true spirit of Ferrari and the lifestyle that Enzo Ferrari created," said Fernando Aldecoa, PortAventura's CEO. "We worked with 50 global companies to build this park in just over two years. It's a unique park that will amaze and stun families as well as lovers of motorsports."

Ten other attractions occupy the 70,000sq m (750,000sq ft) zone, including twin drop towers and the 500-metre (1,640ft) Maranello Grand Race, which simulates the experience of racing a Ferrari 488 Spyder.

Inside the Ferrari Experience, shaped like the iconic race car and in the same trademark red that characterises the brand, is the Flying Dreams immersive theatre, and Racing Legends, a simulator experience in which guests must navigate the streets of Rome, or the world's most famous circuits.

There are also interactive experiences that explain the history and spirit of the brand.

Following the Italian theme, there is a traditional trattoria and ice cream parlour, as well as a pit stop-themed fast food restaurant and Ferrari retail store. The park will offer daily shows and street entertainment.