How I Underwrote a €2.5B Theme Park in Europe

I underwrote a €2.5B theme park in Europe.

The land alone is worth more than the build cost.

- Mediterranean coast locatiom
- Independently valued at €3.5B
- €2.5B total construction budget
- Yr 5 EBITDA projected: €985M–€1.1B

Four questions I always ask:

1) What stage of risk?

Ground-up development. 4-year build. But planning is approved, and land is already owned. That removes two of the biggest early-stage risks immediately.

2) What makes the location work?

- 14M tourists in 2025.
- 27M airport passengers.
- Year-round demand.
- No comparable land available.

3) How is downside protected?

The land is valued above the total build cost. Potential €500M grant funding (eligibility confirmed). Hard asset collateral from day one.

4) Can we control the exit?

Equity sale, refinancing, or IPO once operational.
At €985M+ EBITDA, the exit options are institutional grade.

My verdict:

-Strong fit for sovereign wealth funds
-Strong fit for family offices
-Strong fit for infrastructure or hospitality equity

This is probably the largest leisure and entertainment development projects in Europe right now.

👋🏼 If you allocate to European real estate, let's connect.