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Merlin to open new Legoland park in South Korea

Last updated: 03:02 28 Nov 2014 EST, First published: 04:02 28 Nov 2014 EST

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Merlin Entertainments (LON:MERL) is to open its first Legoland amusement park in South Korea, adding to its chain of venues themed around the colourful plastic bricks.

Merlin, which also runs Alton Towers and the London Eye, already operates six Legoland parks in five countries and expects the new South Korean site to cost £172mln.

The venue is set to open in 2017 and will be built on the island of Jung-do in Chuncheon, an hour away from Seoul.

It will be funded mostly by local public and private investors as well as a property firm, while Merlin will invest £57mln in branded assets.

Nick Varney, Merlin chief executive said the project is expected to deliver returns of 20% and make a full-year contribution to the balance sheet by 2018.

"The project is being supported at both the national and local levels, with significant contributions from both Gangwon Province and the City of Chuncheon, as well as a group of Korean investors,” said Varney.

Shares were 3p higher at 369p.


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