Theme park operator Six Flags has agreed to sell three of its water parks and four of its theme parks to US-based PARC 7F-Operations (PARC) for US$312m (£161m, 241m euro).

The seven parks comprise Six Flags Darien Lake in Buffalo; Six Flags Elitch Gardens in Denver; Frontier City and the White Water Bay water park in Oklahoma City; SplashTown in Houston; Waterworld USA in Concord; and Wild Waves and Enchanted Village in Seattle.

President and CEO Mark Shapiro said: “We’re pleased with the sale price for this portfolio, particularly since we were able to retain the Magic Mountain parks. This transaction confirms the value inherent in our major market branded parks.”

The disposition is in line with the company’s strategy of reducing debt and increasing operational and financial flexibility.

2007 season passes and committed park events will be honoured under the new park ownership.

As part of the arrangements for the acquisition, PARC will sell the portfolio to Florida-based real estate investment trust CNL Income Properties (CNL) and then lease back the parks from CNL for long-term leases. The transaction is expected to be completed in March 2007.

The deal doesn’t affect the operations at Six Flags Magic Mountain and the adjacent Hurricane Harbor water park in Valencia, which are not included in the transaction and set to open this year. Details: www.sixflags.com