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Millennium Park, the country's only leisure and entertainment complex has been acquired by Excel Global Holdings (Pvt) Ltd., a cash-rich multi-sectoral business group, in a major private transaction worth Rs 100 million.

The company said yesterday that it had acquired the shares of Millennium Development (Pvt) Ltd., the company that owned and managed the landmark five-acre Colombo complex, from Link Holdings Ltd., and the Union Bank.

Excel Group Chairman Francis Chokatte said the investment was the group's first venture into the leisure industry and outlined plans to invest more than Rs 1.5 Billion to convert the complex into a world-class family entertainment facility.

Plans for the first phase, at an estimated cost of Rs. 400 million over a 15-month period include construction of an ultra modern complex of multiplex cinemas, simulation rides, shops, restaurants and a spectacular roof-top water park - a first for Sri Lanka - comprising adventure rides, slides, wave pools and bumper boats, he said.

The existing facilities such as the Bowling Centre, Wonder World, pool parlours, electronic games arcade, food court and pro kart centre are to be refurbished and upgraded and enhanced security measures introduced to ensure that the complex's attraction as a wholesome family facility is reestablished, Chokatte said.

The new CEO of Millennium Development (Pvt) Ltd., Ravi Wijenathan said the renewed peace efforts and anticipated growth on the economic front made this a timely investment for Excel Global Holdings, whose core business areas include garments, international trading, information technology, real estate and education. He said the existing attractions of Millennium Park would remain open throughout the development phase, ensuring that visitors could continue to patronise the facilities.

The Millennium Park at T.B. Jayah Mawatha which was opened to the public in March 1999 is built on land leased from the Church of England. At its peak, the complex has catered to about 125,000 visitors per month.

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