Ardent Leisure Group, the Australian attractions operator, has reached an agreement to acquire the real estate and business of Q Deck, Australia's highest observation tower, for A$13.3m ($12.2m).

Q Deck is located on levels 77 and 78 of the Q1 building in Surfers Paradise on the Gold Coast. The attraction is expected to generate EBITDA of A$2m ($1.8m) in the 2010 financial year before the benefit of marketing and management synergies delivered by Ardent.

The acquisition is expected to be earnings accretive and will be funded by debt with post acquisition group gearing levels forecast to be approximately 30 per cent upon completion of contracted asset sales.

Commenting on the acquisition, Ardent chairman Neil Balnaves said: "The group is ideally positioned to drive incremental patronage and improved margins through the established management expertise and existing marketing, sales and distribution strength of our Gold Coast businesses, Dreamworld and WhiteWater World."